FOR IMMEDIATE RELEASE: (May 05, 2015)
Nationwide Appraisal Network (NAN), Confirms It Exceeds All Minimum Requirements As Issued In Final Rule For Appraisal Management Companies (AMC’s)
Tampa, FL: Nationwide Appraisal Network (NAN) Announced that as a nationwide appraisal management company, they are registered and licensed in all 38 states that currently have AMC oversight policies and regulations in place and that they have a panel of nearly 9000 approved Appraisers in their network. The company confirmed it is actively working on obtaining forms from other states where regulations are pending, and that they actively report in the states they are registered in as set forth in the final rule issued for Appraisal Management Companies.
On April 30, 2015, a joint release was issued by the OCC, Board, FDIC, NCUA, Bureau, and FHFA (collectively, the Agencies) who issued a final rule to implement the minimum requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) to be applied by participating States in the registration and supervision of appraisal management companies (AMCs).
The rule establishes the foundation for a National AMC Registry and outlines certain minimum requirements each state must meet which include a variety of registry requirements and oversight controls. The rule implements amendments to Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the final rule, Federally regulated AMCs do not need to register with a State, but are subject to the same minimum requirements as State-regulated AMCs. The final rule also implements the requirement for States to report to the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) the information required by the ASC to administer the new national registry of AMCs (AMC National Registry).
NAN’s robust Quality Control and Compliance systems ensure that its network of appraisers conform to USPAP standards and welcome lenders, banks and credit unions to view their Compliance Portal where, they will find transparency in all NAN’s procedures.
“We are pretty confident that the rest of the states will implement regulations in order to keep business processes for mortgages flowing smoothly. As a truly nationwide appraisal management company with an unblemished record, we see no reason that we will not be able to obtain licenses in the additional states that decide to implement oversight policies”, stated C. Burris, Co Founder and Director of Operations. “NAN is always monitoring and actively participating in the changes in regulations–not just on the federal level, but state by state, keeping current, alerting its clients to any change that may affect them”.
“We are looking forward to a national registry as we are hoping for more consistency with oversight”, added J. Pilgrim, Co-Founder and Director of Sales and Business Development. “We are intimately familiar with each states rules in requirements and we apply the strictest standards across the board in our company as to remain in compliance with the varying rules. Right now we are managing each state differently but in order to streamline the administrative duties that comes along with that, we’ve applied the strictest standard across the board for all states”.
ABOUT NATIONWIDE APPRAISAL NETWORK- NAN is an industry leader in appraisal management, providing a unique approach to appraisal management through customization, innovation, and quality. NAN website – 888.760.8899