National Association of Appraisal Management Companies (NAAMC) to Endorse State of Oregon House Bill 2061

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The National Association of Appraisal Management Companies (NAAMC) is pleased to endorse the State of Oregon House Bill 2061, amending ORS 674.225 in honor of consumer protection and appraiser independence.

NAAMC looks forward to a continued cooperative relationship with the State of Oregon as it pertains to any additional Appraisal Management regulations that may be crafted in the future.

The National Association of Appraisal Management Companies (NAAMC) is thrilled to announce that on March 7, 2013, the Board of Directors for NAAMC voted unanimously to endorse the State of Oregon House Bill 2061.

This bill, dated March 1, 2013, serves to amend the Oregon law ORS 674.225, with the purpose of reducing the amount of time that an appraisal management company (AMC) has to make payments to an independent contractor appraiser for completion of an appraisal or appraisal review assignment. The endorsed House Bill 2061 reads as follows:

“SECTION 1. ORS 674.225 is amended to read: Except in the case of breach of contract or substandard performance of real estate appraisal activity, an appraisal management company shall make payment to an independent contractor appraiser for the completion of an appraisal or appraisal review assignment: (1) Within 45 days after the appraiser provides the completed appraisal report to the appraisal management company; or (2) In accordance with another payment schedule agreed to by the appraiser and the appraisal management company. SECTION 2. The amendments to ORS 674.225 by section 1 of this 2013 Act apply to payments for appraisal reports received by an appraisal management company on or after the effective date of this 2013 Act.”

NAAMC is a growing trade association dedicated to promoting innovation and transparency throughout the appraisal industry. The association is made up of AMCs from around the country that recognize a cooperative and collaborative relationship must exist between AMCs, professional independent appraisers, lenders and state and federal regulators in order to promote a productive and financially sound housing industry marketplace. As part of the organization’s mission, NAAMC supports reasonable governmental regulations that promote appraiser independence and the Uniform Standards of Professional Appraisal Practice.

NAAMC met earlier this month regarding the State of Oregon House Bill 2061, and collectively determined that the said bill will help provide the consumer protection and appraiser independence as required by ORS 674.225 and the Dodd-Frank Act of 2010. NAAMC has therefore agreed to endorse this bill. This endorsement was confirmed in an official letter dated March 7, 2013.

Regarding the endorsement of House Bill 2061, President of NAAMC, George T. Panichas of Lincoln Appraisal and Settlement Services stated, “We have enjoyed this mutually-beneficial dialogue and appreciate the courtesies extended to our organization during these discussions. As with this legislation, NAAMC looks forward to a continued cooperative relationship with the State of Oregon as it pertains to any additional Appraisal Management regulations that may be crafted in the future.”

For more information or to become of member of the National Association of Appraisal Management Companies (NAAMC), visit http://www.naamc.org or info(at)naamc(dot)org

ABOUT NAAMC

The first Trade Organization devoted to the Appraisal Management Industry and its related sectors, the National Association of Appraisal Management Companies (NAAMC) is a vehicle that benefits all of its members through cooperative efforts in areas of governmental affairs, ensuring a united voice with individual concern. NAAMC combines various levels of education, experience, and business segments working towards a common goal of conducting business with integrity, acting as mentors, and ensuring all entities receive equal benefits. Membership in NAAMC is open to all entities involved in the Valuation Industry including, but not limited to; Appraisers, Lenders, and Vendor partners.

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Danielle Gatsos
National Association of Appraisal Management Companies-NAAMC
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