West Virginia

Reviewer Requirements

Scope of Law

Reviewing Provisions

  • Must conduct internal quality control reviews to assure compliance with USPAP
  • These must be conducted by certified appraisers

 

  • WV AMC Registration Act 30-38A-7-(3):

(a) The certification for registration shall be in writing, on a form prescribed by the board and signed by the applicant or controlling person. The certification shall include statements that the applicant:

(3) Has set procedures for an appraiser, licensed or certified in this state or in any state with a minimum of the same certification level for the property type as the appraiser who performed the appraisal, to review the work of the appraisers performing appraisals for the applicant to verify that the appraisals are being conducted in accordance with the minimum USPAP standards;

Appraiser Requirements

Appraiser Competency

  • Must verify geographic competency of appraisers

 

  • WV AMC Registration Act 30-38A-7-(2):

(a) The certification for registration shall be in writing, on a form prescribed by the board and signed by the applicant or controlling person. The certification shall include statements that the applicant:

(2) Has set requirements to verify that appraisers are geographically competent and can perform the appraisals assigned;

  • WV AMC Registration Act 30-38A-13-(a)-(1):

(a) Each appraisal management company shall:

(1) Verify that an appraiser receiving work or being placed on an appraiser panel is:

(A) Professionally and geographically competent;

(B) Competent to perform the appraisal service being assigned to the appraiser;

  • Cannot require appraiser to complete appraisal report for which they feel incompetent or in an unreasonable time constraint
    • WV AMC Registration Act 30-38A-14-(2,3):

An appraisal management company commits unprofessional conduct if it:

(2) Requires an appraiser to prepare an appraisal when the appraiser believes, in his or her own professional judgment and notifies the appraisal management company in a timely manner, that the appraiser does not have the necessary expertise for the specific geographic area or is otherwise not competent to perform the appraisal;

 

Record Keeping

  • WV AMC Registration Act 30-38A-7-(5):

(a) The certification for registration shall be in writing, on a form prescribed by the board and signed by the applicant or controlling person. The certification shall include statements that the applicant:

(5) Maintains a detailed record of each request for appraisal it receives from a client and the appraiser that performs the appraisal; and

  • WV AMC Registration Act 30-38A-13-(a)-(3):

(a) Each appraisal management company shall:

(3) Maintain complete detailed records of requests for appraisals from clients, including:

(A) The type of appraisal requested;

(B) The name and license or certification number of the appraiser to whom the appraisal was referred;

(C) The fees received from the client; and

(D) The fees paid to the appraiser or any third party for services performed;

 

  • Records must be kept for 5 years/ 2 years after any judicial proceeding

 

  • WV AMC Registration Act 30-38A-13-(a)-(9):

(a) Each appraisal management company shall:

(9) Keep all records, including, but not limited to, appraisals ordered by the appraisal management company, for a minimum of five years after an appraisal is completed or two years after final disposition of a judicial proceeding related to the assignment, whichever period expires later; and

Licensing Disclosure

  • Must disclose licensing number to appraisers

 

  • WV AMC Registration Act 30-38A-13-(a)-(6):

(a) Each appraisal management company shall:

(6) Disclose its registration number on all engagement documentation with appraisers;

Communications With Appraisers

Communication With Board

  • Mandatory reporting clause

 

  • WV AMC Registration Act 30-38A-13-(a)-(8):

(a) Each appraisal management company shall:

(8) Inform the board, when it has a reasonable basis to believe, that an appraiser has:

(A) Failed to comply with USPAP and the failure to comply is likely to significantly affect the opinion of value;

(B) Violated applicable laws or rules; or

(C) Engaged in unethical or unprofessional conduct;

 

Billing/ Payment

  • Appraisers must be paid at “customary and reasonable” rates

 

  • WV AMC Registration Act 30-38A-7-(4):

(a) The certification for registration shall be in writing, on a form prescribed by the board and signed by the applicant or controlling person. The certification shall include statements that the applicant:

(4) Will require appraisals to be conducted independently and free from inappropriate influence and coercion as required by the appraisal independence standards established under Section 129E of the Truth in Lending Act and the rules and regulations issued pursuant to the Act, including the requirement that appraisers be compensated at a customary and reasonable rate when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer;

  • Must pay appraisers within 45 days of transmission of appraisal report

 

  • WV AMC Registration Act 30-38A-13-(a)-(5):

(5) Except in cases of breach of contract or substandard performance, pay an independent appraiser for the completion of an appraisal within forty-five days after the appraiser provides the completed appraisal to the appraisal management company, unless otherwise agreed to by the parties;

  • Must separately state to clients fees paid to appraisers and AMC fees

 

  • WV AMC Registration Act 30-38A-13-(a)-(7):

(a) Each appraisal management company shall:

(7) Disclose to its clients the fees paid:

(A) For appraisal management services; and

(B) To the appraiser for the completion of an appraisal assignment;

  • WV AMC Registration Act 30-38A-15-(a)-(5):

(a) An appraisal management company or any person acting for an appraisal management company as a controlling person, owner, director, officer, agent, employee or independent contractor may not:

(5) Knowingly fail to separate and disclose any fees charged to a client by the appraisal management company for an appraisal by an appraiser from fees charged to a client by the appraisal management company for appraisal management services;

 

Employee Training

Removal of Appraisers from Panel

  • Must provide 20 days written notice to appraiser prior to removal from board

 

  • WV AMC Registration Act 30-38A-12-(a):

(a) Except within sixty days from the date an appraiser is first added to the appraiser panel of an appraisal management company, an appraisal management company may only remove an appraiser from an appraiser panel or refuse to assign appraisals to an appraiser after providing the appraiser twenty days prior written notice stating the reasons for the removal or refusal and providing an opportunity for the appraiser to be heard.

  • WV AMC Registration Act 30-38A-15-(a)-(12):

(a) An appraisal management company or any person acting for an appraisal management company as a controlling person, owner, director, officer, agent, employee or independent contractor may not:

(12) Remove an appraiser from an appraiser panel without twenty days prior written notice to the appraiser and an opportunity for the appraiser to be heard;