36-21D-2. Appraisal management company defined.

For the purposes of this chapter, the term, appraisal management company, means, in connection with valuing properties and collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than fifteen certified or licensed appraisers in a state or twenty-five or more nationally within a given year to:

(1)    Recruit, select, and retain appraisers;

(2)    Contract with licensed or certified appraisers to perform appraisal assignments;

(3)    Manage the process of having an appraisal performed, including providing administrative duties including:

(a)    Receiving appraisal orders and appraisal reports;

(b)    Submitting completed appraisal reports to creditors and underwriters;

(c)    Collecting fees from creditors and underwriters for services provided; or

(d)    Reimbursing appraisers for services performed; or

(4)    Review and verify the work of appraisers for compliance with the Uniform Standards of Professional Appraisal Practice.

Source: SL 2011, ch 184, § 2.