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Nc To Enforce AMC Fees

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USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Payment of appraisal fees
Appraisal management companies are required to pay appraisal fees within 30 days of the date the appraisal is first transmitted to them. Board Rule 21 NCAC 57D .0310 states:
(a) Appraisal management companies shall pay fees to an appraiser within 30 days of the date the appraisal is first transmitted by the real estate appraiser to the company as follows:
(1) If payment is made by electronic means, the funds for the fee shall be deposited into the appraiser’s account so that they are available to the appraiser on the 31st day following the date the appraisal is
first transmitted to the company.
(2) If payment is made by check, the check shall be postmarked no later than the 30th day following the date the appraisal is first transmitted to the company.
There are no North Carolina laws stating the deadline by which a lender or any other person must pay appraisal fees. This is a contract issue between the appraiser and the client. If a lender has not paid for an appraisal, the appraiser should contact the lender’s regulator. For help on finding a regulator, see below.
North Carolina Commissioner of Banks: Regulates state-chartered banks, savings banks, savings and loan associations, trust companies, mortgage-lenders, servicers, brokers and mortgage loan originators.
http://www.nccob.gov/Public/ConsumerInformation/Complaints/CIFileComplaint.aspx
Office of the Comptroller of the Currency (OCC): Investigates complaints against national banks (banks with the words "national" or "national association" or the initials "N.A." in their names).
http://www.helpwithmybank.gov/complaints/index-file-a-bank-complaint.html
Federal Reserve Board (FRB): Investigates complaints against state-chartered banks which are members of the Federal Reserve System.
https://forms.federalreserveconsumerhelp.gov/secure/complaint/complaintType
Federal Deposit Insurance Corporation (FDIC): Investigates complaints against state-chartered banks which are not members of the Federal Reserve System.
https://www.FDIC.gov/consumers/assistance/filecomplaint.html
National Credit Union Administration (NCUA): Investigates complaints against federally chartered credit unions.
https://complaint.mycreditunion.gov/Complaint
 
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