Legal Blog

Compensation and Compliance Matters: Minimum Requirements of Appraisal Management Companies

The final rules pertaining to minimum requirements of appraisal management companies were released last week. These rules do not specifically require states to create registration and supervision programs. However, if a state fails to do so, the AMC cannot provide services in that state pertaining The minimum requirements states need to follow include registering in the state and submitting to its supervision; using only state-licensed appraisers for federally related transactions; requiring that appraisals comply with the Uniform Standards of Professional Appraisal Practice; ensuring selection of a competent and independent appraiser; and establishing processes and controls reasonably designed to comply with the appraisal independence standards under the Truth in Lending Act. to any federally related transaction. Click here to read the entire article on National Mortgage News. akaren@offitkurman.com  | 240.507.1740 Ari Karen is an experienced litigator and speaker who has focused his practice in representing financial institutions in both government investigations and litigation before state and federal trial and appellate courts nationwide. Mr. Karen’s practice is diverse, representing clients on matters concerning banking regulations, Dodd Frank financial reform laws, contractual disputes, employment and labor statutes, wage-hour class actions, employment discrimination and fair lending matters, whistleblower complaints and non-competition claims, among others. You can also connect with Offit Kurman via FacebookTwitterGoogle+YouTube, and LinkedIn. WASHINGTON | BALTIMORE | FREDERICK | PHILADELPHIA | WILMINGTON | VIRGINIA | NEW YORK