§3415.2. Definitions
As used in this Chapter, the following words have the meanings ascribed to them in
this Section unless the context clearly indicates otherwise:
(1)"Administrative review", "compliance review", "quality check", or "QC" means
a process that checks an appraisal report for compliance with the Uniform Standards of
Professional Appraisal Practice or other stipulated requirements.
(2)"Appraisal" means the act or process of developing an opinion of value of real
property following the appraisal process defined by the Uniform Standards for Professional
Appraisal Practice.
(3)(a) "Appraisal management company" means a person that does all of the
following:
(i)Provides appraisal management services to creditors or to secondary mortgage
market participants, including affiliates
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§3415.2. Definitions
As used in this Chapter, the following words have the meanings ascribed to them in
this Section unless the context clearly indicates otherwise:
(1) "Administrative review", "compliance review", "quality check", or "QC" means
a process that checks an appraisal report for compliance with the Uniform Standards of
Professional Appraisal Practice or other stipulated requirements.
(2) "Appraisal" means the act or process of developing an opinion of value of real
property following the appraisal process defined by the Uniform Standards for Professional
Appraisal Practice.
(3)(a) "Appraisal management company" means a person that does all of the
following:
(i) Provides appraisal management services to creditors or to secondary mortgage
market participants, including affiliates.
(ii) Provides appraisal management services in connection with valuing a consumer's
principal dwelling as security for a consumer credit transaction or incorporating such
transactions into securitizations.
(iii) Within a given twelve-month period, as defined in 12 CFR 34.212(d), oversees
an appraiser panel of more than fifteen state-certified or state-licensed appraisers in a state
or twenty-five or more state-certified or state-licensed appraisers in two or more states, as
described in 12 CFR 34.212.
(b) An appraisal management company does not include a department or division of
an entity that provides appraisal management services only to that entity.
(4) "Appraisal management services" means one or more of the following:
(a) Recruiting, selecting, and retaining appraisers.
(b) Contracting with state-certified or state-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.
(d) Reviewing and verifying the work of appraisers.
(5) "Appraisal review" means the act or process of developing and communicating
an opinion about the quality of another appraiser's work that was performed as part of an
appraisal assignment. The term shall not include an examination of an appraisal for
grammatical, typographical, mathematical, or other similar administrative errors that do not
involve the appraiser's professional judgment, including compliance with the elements of the
client's statement of work.
(6) "Appraiser" is defined as one who is expected to perform valuation services
competently and in a manner that is independent, impartial, and objective.
(7) "Appraiser panel" means a group of appraisers that has been selected by an
appraisal management company to perform real estate appraisal services for the appraisal
management company on behalf of lenders or other clients.
(8) "Board" means the Louisiana Real Estate Appraisers Board.
(9) "Client" means any person or entity that contracts with or otherwise enters into
an agreement for the performance of residential real estate appraisal services.
(10) "Controlling person" means any of the following:
(a) An owner, officer, or director of a corporation, partnership, or other business
entity seeking to offer appraisal management services in this state.
(b) An individual employed, appointed, or authorized by an appraisal management
company who has the authority to enter into a contractual relationship with clients to contract
for the performance of appraisal management services and has the authority to enter into
agreements with independent appraisers for the performance of real estate appraisal services.
(c) An individual who possesses, directly or indirectly, the power to direct or cause
the direction of the management or policies of an appraisal management company.
(11) "Fee appraiser" means a person who is not an employee of the mortgage loan
originator or appraisal management company engaging the appraiser and is one of the
following:
(a) A state-licensed or certified appraiser who receives a fee for performing an
appraisal and certifies that the appraisal has been prepared in accordance with the Uniform
Standards of Professional Appraisal Practice.
(b) A company not subject to the requirements of Section 1124 of the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989, 12 U.S.C. 3331 et seq., that
utilizes the services of state-licensed or certified appraisers and receives a fee for performing
appraisals in accordance with the Uniform Standards of Professional Appraisal Practice.
(12) "Real estate appraisal services" means residential valuation services performed
by an individual acting as an appraiser, including but not limited to appraisal, appraisal
review, or appraisal consulting, as these services are defined under the Uniform Standards
for Professional Appraisal Practice.