For the purposes of this chapter, the term, appraisal management company, means, in connection with valuing properties and collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than fifteen certified or licensed appraisers in a state or twenty-five or more nationally within a given year to:
(1)Recruit, select, and retain appraisers;
(2)Contract with licensed or certified appraisers to perform appraisal assignments;
(3)Manage the process of having an appraisal performed, including providing administrative
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For the purposes of this chapter, the term, appraisal management company, means, in connection with valuing properties and collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than fifteen certified or licensed appraisers in a state or twenty-five or more nationally within a given year to: (1) Recruit, select, and retain appraisers; (2) Contract with licensed or certified appraisers to perform appraisal assignments; (3) Manage the process of having an appraisal performed, including providing administrative duties including: (a) Receiving appraisal orders and appraisal reports; (b) Submitting completed appraisal reports to creditors and underwriters; (c) Collecting fees from creditors and underwriters for services provided; or (d) Reimbursing appraisers for services performed; or (4) Review and verify the work of appraisers for compliance with the Uniform Standards of Professional Appraisal Practice.