NC Appraising
Elite Member
- Joined
- Apr 28, 2006
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
C
USTOMARY AND REASONABLE FEE.—
‘‘(1) IN GENERAL.—Lenders and their agents shall compensate
fee appraisers at a rate that is customary and reasonable
for appraisal services performed in the market area of
the property being appraised. Evidence for such fees may be
established by objective third-party information, such as
government agency fee schedules, academic studies, and independent
private sector surveys. Fee studies shall exclude
assignments ordered by known appraisal management companies.
‘‘(2) FEE APPRAISER DEFINITION.—For purposes of this section,
the term ‘fee appraiser’ means a person who is not an
employee of the mortgage loan originator or appraisal management
company engaging the appraiser and is—
‘‘(A) a State licensed or certified appraiser who receives
a fee for performing an appraisal and certifies that the
appraisal has been prepared in accordance with the Uniform
Standards of Professional Appraisal Practice; or
‘‘(B) a company not subject to the requirements of
section 1124 of the Financial Institutions Reform, Recovery,
and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.)
that utilizes the services of State licensed or certified
appraisers and receives a fee for performing appraisals
in accordance with the Uniform Standards of Professional
Appraisal Practice.
‘‘(3) EXCEPTION FOR COMPLEX ASSIGNMENTS.—In the case
of an appraisal involving a complex assignment, the customary
and reasonable fee may reflect the increased time, difficulty,
and scope of the work required for such an appraisal and
include an amount over and above the customary and reasonable
fee for non-complex assignments.
‘‘(j) SUNSET.—Effective on the date the interim final regulations
are promulgated pursuant to subsection (g), the Home Valuation
Code of Conduct announced by the Federal Housing Finance Agency
on December 23, 2008, shall have no force or effect.
‘‘(k) PENALTIES.—
‘‘(1) FIRST VIOLATION.—In addition to the enforcement
provisions referred to in section 130, each person who violates
this section shall forfeit and pay a civil penalty of not more
‘‘(1) IN GENERAL.—Lenders and their agents shall compensate
fee appraisers at a rate that is customary and reasonable
for appraisal services performed in the market area of
the property being appraised. Evidence for such fees may be
established by objective third-party information, such as
government agency fee schedules, academic studies, and independent
private sector surveys. Fee studies shall exclude
assignments ordered by known appraisal management companies.
‘‘(2) FEE APPRAISER DEFINITION.—For purposes of this section,
the term ‘fee appraiser’ means a person who is not an
employee of the mortgage loan originator or appraisal management
company engaging the appraiser and is—
‘‘(A) a State licensed or certified appraiser who receives
a fee for performing an appraisal and certifies that the
appraisal has been prepared in accordance with the Uniform
Standards of Professional Appraisal Practice; or
‘‘(B) a company not subject to the requirements of
section 1124 of the Financial Institutions Reform, Recovery,
and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.)
that utilizes the services of State licensed or certified
appraisers and receives a fee for performing appraisals
in accordance with the Uniform Standards of Professional
Appraisal Practice.
‘‘(3) EXCEPTION FOR COMPLEX ASSIGNMENTS.—In the case
of an appraisal involving a complex assignment, the customary
and reasonable fee may reflect the increased time, difficulty,
and scope of the work required for such an appraisal and
include an amount over and above the customary and reasonable
fee for non-complex assignments.
‘‘(j) SUNSET.—Effective on the date the interim final regulations
are promulgated pursuant to subsection (g), the Home Valuation
Code of Conduct announced by the Federal Housing Finance Agency
on December 23, 2008, shall have no force or effect.
‘‘(k) PENALTIES.—
‘‘(1) FIRST VIOLATION.—In addition to the enforcement
provisions referred to in section 130, each person who violates
this section shall forfeit and pay a civil penalty of not more
than $10,000 for each day any such violation continues.
http://www.sec.gov/about/laws/wallstreetreform-cpa.pdf
