Required fee disclosure

[Greg Parker]

Does anyone know which states are requiring fee disclosures? And, are they coupled with AMC state licensure?

I just noticed that here in PA that a couple of the AMC's we work for now have an AMC license number, wondering if the disclosure portion is coming down the pike as well.

 

[TxArmadillo]

I'm sure someone has published a consolidated list but I couldn't find one after a short search.

TX doesn't have a mandatory disclosure requirement. What they do have, however, is a provision for optional disclosure within the appraisal report that cannot be blocked by the lender/AMC. In other words, if I want to disclose the fee I was paid for an appraisal, I'm free to do that and no one can direct that I remove that information.

 

[Michael S]

I think New Mexico requires disclosure but I'ne never worked for an AMC so I don't know.

 

[Pilgrum]

Nevada requires disclosure of the appraisal fee and the fee paid to the AMC.

 

[TxArmadillo]

Nevada requires disclosure of the appraisal fee and the fee paid to the AMC.

How do you know how much the AMC was paid?

 

[Vermonter]

VT requires the fee paid to the appraiser and the AMC name and registration number disclosed in the report.

 

[VolcanoLvr]

The Dodd-Frank law 'allows' an appraiser to reveal the appraiser's fee in the report, if the appraiser so chooses to do so.

Clients can no longer demand that you take that out of a report.

Those states that have AMC licensing and a 'full disclosure' law expect the AMC to provide their portion of the income received and what they pay the appraiser to the appraiser, with a corresponding statement in the report.

History: pre the D-F law, I did a report for one large national AMC, in which the fee they paid me was stated. I got a call from their chief reviewer demanding that I remove that statement and re-submit the report, 'or else.' Since at the time they were my 'best' AMC client, I complied. But once D-F was the law, I started putting the fee amount back in the report primarily just to stick it to them. They never mentioned this again.

 

[Meandering]

PA AMC LAW:

An AMC cannot prohibit an appraiser from recording the fee paid to the appraiser in the appraisal report

http://appraisal-news.com/2012/02/pennsylvania-enacts-AMC-registration-law/

 

[Meandering]

Greg,

That BPO thing is heating up again and our side is desperate for help and for appraisers to get involved and kill this bill.

If you would be so kind as to contact your state representatives tomorrow, that would help.

Also, the coalition is in need of donations. If you need more info, PM me.

Thanks

.

 

[sputnam]

Sorry....it's hard enough to keep up with the states I'm certified by. Maybe the best approach is to check on the states you work in and don't worry about the rest too much.