22 Tex. Admin. Code § 159.155 - Periodic Review of Appraisals
(a) A license
holder must have a written policy reflecting a process and controls in place to
periodically review the work of appraisers performing appraisal services on 1-4
family unit properties collateralizing mortgage obligations by performing a
review in accordance with Standards 3 and 4 of USPAP.
(b) In accordance with 1104.156 of the
Occupations Code, upon request by the Board, a license holder shall produce a
copy of the written policy and information demonstrating compliance with the
policy.
(c) An appraiser is
qualified to perform an appraisal review within the meaning of §1104.153
of the AMC Act if the appraiser conducting the review:
(1) is licensed or certified to act as an
appraiser in Texas or another jurisdiction;
(2) holds the appropriate credential to have
performed the appraisal being reviewed; and
(3) does not develop an opinion of value. If
the reviewer elects to develop an opinion of value within the review, the
reviewer must be licensed or certified to act as an appraiser in
Texas.
(d) To satisfy the
requirements of the AMC Act and this rule, a license holder performing an
appraisal review must perform a scope of work that is sufficient to ensure that
methods, assumptions, data sources, and conclusions of the appraisal subject to
review comply with USPAP.
Notes
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