Here's how to support the NC House Bill 716- Regulation of AMCs

[Administrator]

Attached is a handout similar to the pamphlet passed out
to the NC Senators for the vote on this bill. It hits some highlights that might
be good to mention in a letter or phone call to your local House of
Representative. Contacting your local Representative may help to turn the tide
for this bill.

To find out your House of Reps, local representative- use this link:

http://www.ncga.state.nc.us/gascripts/members/memberList.pl?sChambe...

In writing a letter to send, it would be best to avoid talking about income; income is important, but it may derail our focus. The main issue of your discussions
should be to protect the public. If anyone would like to suggest a sample post,
please do....

[Administrator]

An example letter:

Dear Rep.

Thank you for taking the time out of your busy day to listen to our concerns about Bill HR 716 headed to the House of Representatives concerning the Regulation of Appraisal Management Companies (AMCs). My message here includes information on this Bill, which we support and are trying to get passed.

I have been a real estate appraiser since 1997. I own a real estate and appraisal company with my mom, Roberta Malone, located in Louisburg, NC. Currently, I am also the Secretary of the North Carolina Professional Appraisers Coalition’s (NCPAC), a 500+ appraiser strong state organization.

Since the May 1st, 2009 inception of HVCC, “Home Valuation Code of Conduct”, our 13 year old business has been decimated. HVCC was a well-intended policy which looked to eliminate pressure placed on real estate appraisers from those ordering appraisals in the home loan process, who might seek to influence valuations. However, this policy effectively empowered Appraisal Management Companies (AMCs) to become the third party or the middleman between appraisers and their clients.

Whether an intended consequence or not, Appraisal Management Companies, AMCs, took over our industry. Under HVCC these AMCs are supposed to be an independent third party when ordering appraisals, however nothing could be further from the truth. The four largest banks own the majority of AMCs out there. The average appraiser has gone from receiving work from 10-20 clients to now having to rely on a handful AMCs to maintain their business.

Currently there are no laws which dictate what an AMC is, or can do. They report to no one; they do not fall under the banking commission, because they are not banks. They do not fall under the appraisal boards, because often they are not appraisers… Furthermore, there is no rule that states that an Appraisal Management Company has to have an appraiser on staff. In fact some AMCs are run by appraisers who have been sanctioned or lost their licenses and can no longer work as appraisers, so they form AMCs to continue to do appraisal work.

The NC AMC Regulatory Bill has passed in the Senate and now stands ready for the House. This Bill proposes to regulate and oversee AMCs, which up to now, have run amok and unfettered.

I hope that you can support this bill and repair some of the damage the HVCC and AMCs have done to our industry and will ensure that all of the citizens of North Carolina are being protected.


Here are the links to the bill:

http://www.ncga.state.nc.us/gascripts/BillLookUp/BillLookUp.pl?Sess...

http://www.ncga.state.nc.us/gascripts/BillLookUp/BillLookUp.pl?Sess...