State of Nevada mandates disclosure of AMC fees

[Natalie117]

I have a friend in Las Vegas who brought this to my attention (via RELS).

The following amendment was implemented on April 20, 2010:

Sec. 13. 1. An appraisal management company shall disclose to an appraiser who has performed an appraisal as an independent contractor for the appraisal management company the total amount of money, expressed as a dollar amount:
(a) Paid to the appraiser; and
(b) Retained by the appraisal management company,
in connection with the appraisal.

2. An appraiser who has performed an appraisal assignment for an appraisal management company shall disclose in the body of the appraisal report prepared by the appraiser the total amount of money, expressed as a dollar amount:
(a) Paid to the appraiser; and
(b) Retained by the appraisal management company,
in connection with the appraisal.

here is the link:

http://www.leg.state.nv.us/Register/2009Register/R091-09A.pdf


Does anyone know if this has happened in any other states?

 

[Meandering]

Check with PE (Property Economics) I believe he was posting about it a couple of weeks ago.

 

[ezradams]

Is it proper to put the fee split in the body of the report. What does that have to do with valuation? I could understand having the fee placed in an addendum.

 

[William Rightsell]

I think its a fantastic rule.

Not only does it let the borrower know they are getting hosed, but it also lets the appraiser keep a weekly tally of how bad he is getting shafted. A few weeks keeping track of that will make them sick to their stomachs....Maybe then they can actually realize how badly they are treated..

todd

 

[Jamice4u2]

If they can also add how much the AMC is chargering the borrower and the appraiser's fee then it will be perfect. The appraiser will then see that the bank is charging the homeowner $600 and the appraiser is only getting $175 to $200 for his efforts.

 

[Jamice4u2]

Wait a minute it looks like this rule does that already.