North Carolina Appraiser Background Check Law Passes

[Adios]

The NC Commissioner of Banks has authority over all state chartered banks and can and has reffered complaints to the the FDIC and other federal agencies. The NCCOB is one of the most active commissions in the state.

NC has the best system for appraisal agency from any in the country.

 

[Non Sequitur]

In this case, North Carolina does.

Then say what you mean, don't imply every state agency does the same as NC. And no one is getting bent about a state agency running a background check for licensing. Appraisers don't trust and are sick and tired of the clearboxes and AMCs who keep on pushing for what was never a requirement.

 

[Bob Ipock]

I am very confused. Are some of you under the impression that the NCAB or some other state agency will now be ordering BC's?

 

[Non Sequitur]

I am very confused. Are some of you under the impression that the NCAB or some other state agency will now be ordering BC's?

Joan is trying to imply that. The way it's written this has nothing to do with the background check state agencies perform for licensing.

 

[Eli]

I am very confused. Are some of you under the impression that the NCAB or some other state agency will now be ordering BC's?

That's already going to happen due to regs in place for all states for licensing reasons. I am just hoping it goes a step or two further in the future, eventually. It just makes good business sense for them to be the clearinghouse for lenders, imho, relative to bc checks and confidentiality issues.

 

[Bob Ipock]

That's already going to happen due to regs in place for all states for licensing reasons. I am just hoping it goes a step or two further in the future, eventually. It just makes good business sense for them to be the clearinghouse for lenders, imho, relative to bc checks and confidentiality issues.

 

[Bob Ipock]

I don't believe that is in the works for BCs for AMCs. The "regs" you speak of are that appraisal boards will have to run background checks on new and existing appraisers. That does not mean they have to start up their own BC companies.That would be a nightmare for state boards. If a state has 3,000 appraisers and half of them 1,500 had 5 AMCs they worked for that would be 7,500 BCs for them to process.

Why? There are other companies that are in that business can order the BC's checks and been doing so for year. Those companies can do it faster and cheaper than adding in another layer of cost with no benefit. There is nothing about a criminal background check that is confidential as it all comes from public records which anyone can get.

 

[Meandering]

The Federal law (Frank/Dodd) requires background checks on all who own at least 10% of an AMC. And, that requirement is the onus of the states. And, that requirement was reinforced in the AMC final rule.

So yes,

States will have to run background checks on owners of AMCs.

.

 

[Bob Ipock]

The Federal law (Frank/Dodd) requires background checks on all who own at least 10% of an AMC. And, that requirement is the onus of the states. And, that requirement was reinforced in the AMC final rule.

So yes,

States will have to run background checks on owners of AMCs.

.

Big difference between "running" a check and "ordering " a check. The states can "order" one with ease....."running" one on their own would be a huge undertaking.

 

[Meandering]

I agree.

Run one, order one, store one, disclose one. All different.

.