The federal government has weighed in on one state’s proposal to fix appraisal fees paid by appraisal management companies. Other valuation services activity include a new consumer valuation tool, an appraisal webinar and an integration between two service providers.
In North Carolina, lawmakers have proposed NC House Bill 829. The legislation would prescribe a single method for determining customary and reasonable fees paid to appraisers by AMCs.
If the bill were to become law, it would preclude the negotiation of market-based rates. In addition, it would direct the North Carolina Appraisal Board to adopt rules that are needed to enforce the law.
Source: Mortgage Daily