Appraisal Management Company
A person that oversees an appraiser panel of more than fifteen certified appraisers in this state or twenty-five or more certified or licensed appraisers nationally within a year, and that directly or indirectly performs appraisal management services for creditors or secondary mortgage market participants in connection with consumer credit transactions secured by the principal dwellings of Iowa consumers or securitizations of those transactions. “Appraisal management services” means any of the following: a.) Recruiting, selecting, and retaining appraisers. b.) Contracting with state 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 mortgage market participants, collecting fees from creditors and secondary mortgage market participants for services provided, and paying appraisers for services performed. d.) Reviewing and verifying the work of appraisers.
Code Citation Iowa Code Chapter 543E; IAC 187-Chapter 25
Who Applies A person that oversees an appraiser panel of more than fifteen certified appraisers in Iowa or twenty-five or more certified or licensed appraisers nationally within a year, and that directly or indirectly performs appraisal management services for creditors or secondary mortgage market participants in connection with consumer credit transactions secured by the principal dwellings of Iowa consumers or securitizations of those transactions.
When To Apply Before services are provided (Recommended 2 months in advance of providing services).
Initial Requirements For initial registration, the AMC must have an Iowa panel size of 16 or more or a national panel size of 25 or more. The AMC must obtain a $25,000 surety bond, using the Division of Banking’s most current form. The AMC must designate a controlling person and that person, plus any individual who directly or indirectly owns more than 10% of the AMC, must provide fingerprints and authorize a national criminal background check as past felony and other criminal records will be considered in the registration process. A foreign AMC organization must be authorized to conduct business in Iowa through the Iowa Secretary of State. An AMC who does not meet the panel size requirements stated above, may preregister with the Iowa Division of Banking.
Duration Registrations expire on December 31 each year. Renewals are to be submitted between November 1 and November 30 yearly.
Processing Time 60 days.
Fee Structure Initial Registration Fee: $250; Registration Fee: $750; Background Check Fee $26 per individual; Annual Renewal Fee: $750; Conversion Fee: $150; National Registry Fees: $25 per appraiser who actively engaged in appraisal-related assignments for covered transactions within the State\’s reporting period (October 1 to September 30).
Renewal Requirements Submission of the renewal application and the appropriate renewal fee between November 1 and November 30; the applicant does not reveal grounds that would be sufficient to deny the initial registration or issue a registration subject to restriction, pursuant to IAC 187-25.4(17A, 543E).
Additional Information All applications are submitted online through the database located at: https://iowaplb.force.com/IPLB_login.
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