Utah Legislature gets a high five from me

[mattfrentheway]

Check it out!
http://le.utah.gov/~2009/bills/hbillenr/hb0152.pdf

A great excerpt includes:
51-2e-304. Required Disclosure.
1) Before an appraisal management company may receive monies from a client for a real estate appraisal activity requested by the client, the appraisal management company shall disclose to the client the total compensation that the appraisal management company pays to the appraiser who performs the real estate appraisal activity.

They also will not be able to take us off their appraiser list without telling us when and why, and giving us a chance to respond.

There are many more great gems in there. Apparently it is a done deal and takes effect May 1st. I will be writing the sponsors and thanking them for doing this.

 

[Charles Witt]

It is a shame that the bill does not say "the fee charged the borrower for the appraisal must be the fee paid to the appraiser." Seems like the appriasers are financing the AaMC's without enjoying any of the profit or ownership.
I hope I never have to work for an AMC. Haven't sop far, and do not expect to either!

 

[Smokey Bear]

The client doesn't care just so long as they get it fast and cheap. It should be that the borrower get notice.

 

[Zapper7246]

Great news Matt! One win in the process, but we're not done yet!!!

 

[Jonah]

This is a beginning though, far better than most.

 

[Jonah]

I am a member of the Salt Lake Board of Realtors. I am booking the main auditorium for April 21st from 10:00-12:00 for an Appraiser meeting. It can hold 250 people. If this is ok, let me know. It is located at 203 W. Towne Ridge Parkway. It is the East frontage Rd. to I-15.

 

[ReviewU]

I'll be there