23rd May 2011

Kuempel Bill passes in Texas Legislature

posted in Dodd-Frank C&R Topics |

AUSTIN—Representative Kuempel (R-Suguin) passed house bill 1146 to establish a reasonable registration and regulatory structure for appraisal management companies operating within Texas.

As a result of the implementation of HVCC and the following outsourcing by many financial institutions to have appraisal management companies manage appraisers fulfilling appraisal assignments, the AMCs have grown tremendously over the years without any government oversight.

Currently, state appraisal boards have no authority to regulate AMCs or to investigate complaints associated with these companies.

With most AMCs funding their operations on the backs of appraisers by retaining a disproportionate share of the appraisal fee, appraisers losing their licenses to revocation and appraisal management companies forming outside the specter of a state appraisal regulatory agencies are all too prevalent.

“The need for this legislation is past due and I think the federal government just confirmed it.” said Kuempel.
“With the passage of HB 1146, greater accountability , responsibility and transparency of appraisal services will be required of AMCs operating in our state.” Kuempel stated.

HB 1146 promotes public trust and consumer protection, and establishes oversight and enforcement where there currently is none.

We hope additional states get involved in the regulation of the Appraisal Management Companies and do not allow the current practice of destroying the appraisal profession in return for corporate profits. Federal mandated changes to the appraisal industry should not have allowed such uncontrolled or regulated abuse to the appraisal industry.

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