Code of Massachusetts Regulations
264 CMR - BOARD OF REGISTRATION OF REAL ESTATE APPRAISERS
Title 264 CMR 13.00 - Appraisal Management Companies
Section 13.01 - Governing Law, Definitions

(a) provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates;

(b) provides such services in connection with valuing a consumer's principal dwelling as security for a consumer credit transaction or incorporating such transactions into securitizations; and

(c) within a given 12-month period, oversees an appraiser panel of 16 or more certified or licensed appraisers in the Commonwealth or 25 or more certified or licensed appraisers in two or more states; provided, however, that an appraisal management company shall not include a department or division of an entity that provides appraisal management services only to that entity.

(a) recruiting, selecting and retaining appraisers;

(b) contracting with certified or licensed appraisers to perform appraisal assignments;

(c) managing the process of having an appraisal performed, including providing administrative services such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and secondary market participants, collecting fees from creditors and secondary market participants for services provided and paying appraisers for services performed; or

(d) reviewing and verifying the work of appraisers.

Appraisal Services. The services required to perform an appraisal, including defining the scope of work, inspecting the property, reviewing necessary and appropriate public and private data sources including, but not limited to, multiple listing services, tax assessment records and public land records, developing and rendering an opinion of value and preparing and submitting the appraisal report.

Appraisal Subcommittee or ASC. A subcommittee of the Federal Financial Institutions Examination Council established pursuant to Title XI of FIRREA to oversee The Appraisal Foundation.

(a) appraisers accepted by the appraisal management company for consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions; and

(b) appraisers engaged by an appraisal management company to perform one or more appraisals in covered transactions or for secondary mortgage market participants in connection with covered transactions; and provided further, that an appraiser shall be considered an independent contractor if the appraiser is treated as an independent contractor by the appraisal management company for federal income tax purposes.

Board. The Commonwealth of Massachusetts Board of Registration of Real Estate Appraisers.

Commonwealth. The Commonwealth of Massachusetts.

(a) an officer or director of an appraisal management company or an individual who holds an ownership interest of not less than 10% in an appraisal management company;

(b) employed, appointed or authorized by an appraisal management company who has authority to enter into a contractual relationship with clients to perform appraisal services and who has the authority to enter into agreements with independent appraisers for the completion of appraisals; or

(c) authorized to direct or cause the direction of the management, policies or procedures of an appraisal management company.

Covered Transaction. An extension of consumer credit that is or will be secured by the consumer's principal dwelling.

Division. The Division of Occupational Licensure.

Employee in Charge. A designated employee of an appraisal management company who holds a valid license as an appraiser and who has the responsibilities and obligations to the board as set forth in M.G.L. c. 112, § 281.

Managing Principal. A Controlling Person or Employee in Charge.

National AMC Registry. The national registry maintained by the Appraisal Subcommittee, of companies that meet the federal definition of AMC in 12 U.S.C. 3350(11); are registered by a state or are federally regulated; and have paid the annual national AMC registry fee.

National AMC Registry Fee. The fee that the Board is mandated to collect from each appraisal management company that either has registered with the Board or operates as a subsidiary of a federally regulated financial institution and transmit to the national AMC registry in accordance with 12 U.S.C. § 3338(a)(4) B).

Person. A natural person or an organization, including a sole proprietorship, partnership, limited liability company, limited partnership, corporation, association or other group engaged in joint business activities, however organized.

Uniform Standards of Professional Appraisal Practice and USPAP. The appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation.