30 Miss. Code. R. 1502-2.9 - Annual Certifications

Each AMC shall certify on an annual basis:

1. That it has systems in place to verify that:

(a) An individual on the appraiser panel has not had a license or certification as an appraiser refused, denied, cancelled, revoked or surrendered in lieu of a pending revocation in the previous twelve (12) months; and

(b) Only licensed or certified appraisers are used to complete appraisal assignments in connection with federally related transactions.

2. That it requires appraisers completing appraisals at its request to comply with the Uniform Standards of Professional Appraisal Practice (USPAP), including the requirements for geographic and product competence.

3. That it has a system in place to require that appraisals are 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, including the requirement that fee appraisers be compensated at a customary and reasonable rate when the AMC is providing services for a consumer credit transaction secured by the principal dwelling of a consumer.

4. That it has a system in place requiring payment to an independent contract appraiser for the completion of an appraiser service within thirty (30) days after the appraiser provides the completed appraisal report to the AMC, except in cases involving a bona fide breach of contract, substandard performance of services, or alternate payments terms agreed upon by the appraiser and the AMC.

5. The AMC shall not prohibit an appraiser from reporting the fee paid to the appraiser in the body of the appraisal report, however the AMC may require an appraiser to present any such disclosure in a specified format and location.

6. That it maintains a detailed record of each service request that it receives and the appraiser that performs the appraisal for the AMC.

Notes

30 Miss. Code. R. 1502-2.9

Miss. Code Ann. §§ 73-34-113(3), 73-34-117 (Rev. 2019) & 73-34-119 (Rev. 2012).

Amended 1/10/2020