Definitions.

CFR · 2024-01-01 · US · Title 12

For purposes of this subpart: (a) (b) (c)(1) (i) Provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates; (ii) 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 (iii) Within a given 12-month period, as defined in § 323.10(d), oversees an appraiser panel of more than 15 State-certified or State-licensed appraisers in a State or 25 or more State-certified or State-licensed appraisers in two or more States, as described in § 323.12; (2) An AMC does not include a department or division of an entity that provides appraisal management services only to that entity. (d) (1) Recruiting, selecting, and retaining appraisers; (2) Contracting with State-certified or State-licensed appraisers to perform appraisal assignments; (3) 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; and (4) Reviewing and verifying the work of appraisers. (e) (f) (g) (h) (i) (1) A person who regularly extends consumer credit that is subject to a finance charge or is payable by written agreem

official document · source cfr-2024 · id 12:§ 323.9