Could it be True?

At the recent Virginia Appraisal Board Meeting on Wednesday June 28^th,  a discussion occurred about Appraisal Management Companies prohibiting appraisers from including their invoices with the appraisal report.  The overall consensus of the Board Members was this practice could be a violation of Virginia Appraisal Management Company Statute § 54.1-2022 B. 

“B. The appraisal management company shall not prohibit an appraiser from disclosing in the appraisal report the actual fees charged by an appraiser for appraisal services, and shall otherwise comply with any applicable requirements of federal law including the requirements of the United States Department of Housing and Urban Development.”

The Board members encouraged documentation of this practice be forwarded to DPOR as complaints against the Appraisal Management Company.  All complaints received must have been for suspected violations within the past 36 months.

We understand many appraisers do not want to pursue a complaint against an AMC for fear of retaliation. So here are two options:

File the complaint against the AMC yourself.

or

Forward the engagement letter to VaCAP to file on your behalf.

To file a complaint yourself, click here to go to DPOR’s website and file online.

To forward to VaCAP, send us an email with the engagement letter here. Feel free to redact any personal identifiable information you feel is necessary as long as the terms and conditions of the engagement letter are visible along with the Appraisal Management Company name.. Your personal information will not be forwarded to DPOR, only the engagement letter. Your personal information will be held in strict confidence.

Time to pay your Dues:

VaCAP has not collected membership dues since the pandemic started. We have now reactivated the membership and renewal application. Please renew your membership here. 

VaCAP is 100%% volunteers and your participation in addition to yearly $84 dues is always appreciated!

Than you for supporting VaCAP!