Amendments to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act from 2010 require all Appraisal Management Company ("AMC") licensees to notify their State Regulatory Authority of the size of their appraiser panels and submit National Registry Fees based on the prior 12-month operations.
A completed form and check shall be submitted annually to the Department by March 1, including years when no renewal application is due. A state licensed AMC, or Federally Regulated AMC operating in Arizona who does not timely submit a National Registry Report and/or the AMC National Registry Fees shall not appear on the AMC National Registry as operating in Arizona and may be subject to disciplinary action. This form must be used only for submitting the AMC’s National Registry Report.
2. "Appraisal management company" means a corporation, partnership, sole proprietorship, subsidiary or other business entity that directly or indirectly performs appraisal management services, regardless of the use of the term "appraisal management Company", "mortgage technology provider", "lender processing services", "lender services", "loan processor", "mortgage services", "real estate closing services provider", "settlement services provider", "vendor management company" or any other term, and that does any of the following:
(a) Administers an appraiser panel of independent contract appraisers to perform real property appraisal services in this state for clients.
(b) Receives requests for real property appraisal services from clients and, for a fee paid by the client, enters into an agreement with one or more independent independent appraisers to perform the real property appraisal services contained in the request.
(c) Otherwise serves as a third party liaison of appraisal management services between clients and appraisers.
Inquiries concerning the preparation and filing of License and renewal applications with the Department should be directed to the Licensing Division at 602-771-2800 Option #1 or e-mail at [email protected]. For more detailed contact information, see the “Contact Us” tab.
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URRENT STATUTES FOR DEPARTMENT OF FINANCIAL INSTITUTIONS EFFECTIVE AUGUST 9, 2017
Statutory changes went into effect on August 9, 2017, aligning statutes for Appraisal, Appraisal Management Companies and Property Tax Agents with the Department of Financial Institutions. An attachment with a list of statutory changes for 2017 is provided below.
Three Sections of the Arizona State Revised Statutes provide the basis for regulation of various Financial Institutions and Enterprises. The following links take you directly to the Arizona State Legislative Website (www.azleg.gov) and the referenced ARS section.