This was the only known U.S. event which invited AMC firms to meet with the State to discuss how new state laws might differ from the national rules put into effect by Dodd-Frank.
Providence, RI (PRWEB) April 25, 2013
Several representatives from the National Association of Appraisal Management Companies (NAAMC) attended the recent Illinois Department of Financial and Professional Regulation - AMC Registration Program, sponsored by the Illinois Coalition of Appraisal Professionals (ICAP). The program took place on Wednesday, April 3, 2013 from 8:30am to 3:30pm CST, at 205 West Wacker Street, Chicago, IL.
The AMC Registration Program was presented by Brian Weaver, Appraisal Coordinator for the Real Estate Appraisal Administration Division in Chicago, IL, who has been an appraiser in Illinois for nearly 30 years. The Program was created with the purpose of educating appraisal management companies (AMCs) about the details of the Illinois Appraisal Management Company Registration Act and its corresponding administrative rules. AMCs from all over the nation were encouraged to attend in order to learn how to appropriately conduct appraisal business in the state of Illinois. The program discussed specific topics including; who must register, time limits and forms, policies and guidelines, quality control procedures and more.
NAAMC announced full support of Illinois’ process to introduce the Act, as well as the law’s fairness with regard to equal responsibility placed upon all parties involved.The details of the law demonstrate the effort that Illinois has made to regard appraisers, AMCs and lenders as equal partners in the responsibility to the consumer. Illinois has taken the additional step of creating an AMC Unit, which is responsible for licensing and related activities. The AMC Unit also serves as a point of reference for current regulations and the responsibilities of each of the three entities with regard to those regulations.
The following NAAMC members attended the AMC Registration program in order to enhance their understanding of the administrative rules associated with recent AMC Registration laws:
- George K. Demopulos, RA, SRA - President and Chief Valuations Officer of Lincoln Appraisal & Settlement Services
- George Panichas - Chariman and CEO of Lincoln Appraisal & Settlement Services
- Jennifer Creech - President and COO of InHouse, Inc.
- John Barcelo - COO of Source AM
- Chuck Mureddu - Managing Director at Quality Valuation Services (QVS)
- Jim Hrubik - Residential Fee Panel Administrator at LookingGlass Appraisal Management System
- Jordan Petkovski - Vice President and Chief Appraiser at Title Source, Inc.
There were close to 100 participants, including appraisers, AMCs and lenders. Rick Hiton, Vice President of ICAP stated, “The attendance of AMC firms at the event was much better than expected. This was the only known U.S. event which invited AMC firms to meet with the State to discuss how new state laws might differ from the national rules put into effect by Dodd-Frank. The event was a great success.”
The first Trade Organization devoted to the Appraisal Management Industry and its related sectors, The National Association of Appraisal Management Companies (NAAMC) is committed to promoting transparency throughout the appraisal industry. The association is made up of AMCs throughout the United States that recognize the importance of a cooperative and collaborative relationship between AMCs, professional independent appraisers, lenders and state and federal regulators in order to promote a productive and financially sound housing industry marketplace. NAAMC supports reasonable governmental regulations that promote appraiser independence and the Uniform Standards of Professional Appraisal Practice.
For more information or to become of member of the National Association of Appraisal Management Companies (NAAMC), visit http://www.naamc.org or email info(at)naam(dot)org.
The Illinois Coalition of Appraisal Professionals (ICAP) works to promote the appraisal profession and its image to the general public and to users of appraisal services. ICAP initiates discussion and analysis of issues affecting professional appraisers and monitors political action with the intent to influence legislation, regulation and public opinion toward the appraisal profession.