NEW Appraisal Management Company Regulation

February 28, 2010 Have you been following the new state legislation and regulations for Appraisal Management Companies? FNC held a web conference update on February 18th to inform AMCs and other clients on the progress in legislation across the states. The web conference, "Overcoming the Challenge of New State Regulations," was presented by Neil Olson Chief Legal Counsel for FNC, myself, Shawn Telford, FNC Director of Product Management and two representatives from AMCs, Hank Pruett from JVI and Francois Madath, from ARC. Key highlights of the legislation-- • First, regulations vary from state to state. The first 6 states adopting legislation last year were AK, CA, LA, NV, NM and Utah. Those regulations have already gone into effect. • In 2010, 15 states have already introduced active legislation including AZ, CO, FL, GA, HI, IN, KY, MN, MS, MO, NM (again), NC, OR, WA. • As an overview, the legislation is going to require AMCs to follow and comply with a range of regulations with potentially expensive penalties. • In one state, AMC employees ordering appraisals will need to take 15 hours of USPAP education. • Another state requires surety bonds. All states require registration fees. • In summary, the industry will need to carefully review all state legislation, keep careful track of changes and details and comply with applicable regulations by state. With the new state regulations, appraisal management is moving to a much more highly state regulated industry. We urge you to share your thoughts on new state regulations. Follow this link for background information on the Web Conference, AMC legislation and a recording of the conference itself: http://www.fncinc.com/ClientAccess/WebConf_AMC.aspx Many thanks again to those who participated in and attended the FNC AMC legislative update web conference. Shawn FNC systems are built to help AMCs comply with these regulations. To learn more about AMC solutions, contact Charles Hurst, toll-free at (888) 649-2966 or by e-mail at sales@fncinc.com.

Shawn Telford Shawn Telford is the Director of Product Management at FNC, Inc., a regulatory and workflow technology company.

Share this post on: