ICAP Along with 12 Other State Appraisal Organizations Sign AMC Comment Letter
ICAP along with 12 other State Appraisal Organizations signed a letter in response to the Agencies’ request for comments on the Proposed Minimum Requirements for Appraisal Management Companies.
The following professional State Appraisal Organizations took part in the letter:
Appraiser’s Coalition of Washington
Arizona Association of Real Estate Appraisers
California Coalition of Appraisal Professionals
Georgia Coalition of Appraisal Professionals
Idaho Coalition of Appraisal Professionals
Illinois Coalition of Appraisal Professionals
Maryland Association of Appraisers
Mississippi Coalition of Appraisers
North Carolina Real Estate Appraiser Association
Ohio Coalition of Appraisal Professionals
South Carolina Professional Appraisers Coalition
Virginia Coalition of Appraisal Professionals
West Virginia Council of Appraiser Professionals
Among other things the letter recommends prohibiting the practice of sending a large number of appraisers the same appraisal order via email or posting orders on electronic bulletin boards for a large number of appraisers to simultaneously bid on. The comment letter addresses appraiser independence and mentions the importance of engaging the most qualified appraisers.
The letter was a collaboration of 13 State organizations representing thousands of appraisers nationwide. It’s important to note that not every member of every coalition agrees with everything in the letter; however, what is agreed on is that national AMC legislation must be created and regulated in such a way that protects the public’s trust.
Click the following to read the AMC Rules Comment Letter