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WV Legislature to consider licensing appraisers

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  • GovernmentGovernment

  • Monday, May 20 2013 2:50 PM EDT2013-05-20 18:50:08 GMT
    Helen Holt, now 99, was West Virginia's first female secretary of state. She received an honorary Doctorate of Humane Letters from WVU during Sunday's commencement.
    Helen Holt, now 99, was West Virginia's first female secretary of state. She received an honorary Doctorate of Humane Letters from WVU during Sunday's commencement.
  • Monday, May 20 2013 6:11 AM EDT2013-05-20 10:11:12 GMT
    MORGANTOWN, WV (AP) — West Virginia landowners who want to apply for grants to improve wildlife habitat have until June 14 to contact the Natural Resources Conservation Service.
    MORGANTOWN, WV (AP) — West Virginia landowners who want to apply for grants to improve wildlife habitat have until June 14 to contact the Natural Resources Conservation Service.
  • Sunday, May 19 2013 1:21 PM EDT2013-05-19 17:21:57 GMT
    LAWRENCE MESSINA,Associated Press CHARLESTON, W.Va. (AP) — West Virginia's House of Delegates faces a momentous decision after Speaker Rick Thompson departs for Gov. Earl Ray Tomblin's Cabinet: choosing
    est Virginia's House of Delegates faces a momentous decision after Speaker Rick Thompson departs for Gov. Earl Ray Tomblin's Cabinet: choosing a new leader will help set the stage for 2014, when Republicans aim to wipe out the Democrats' ebbing majority.

CHARLESTON (AP) — The West Virginia Legislature will consider a bill requiring appraisal management companies to register with a state board.

The companies are meant to serve as a buffer between banks and appraisers. A legislative legal counsel says when mortgage lending banks deal directly with appraisers, there's an incentive for appraisers to over-value properties so that banks can issue larger mortgages.

The 2012 federal Dodd-Frank financial reform law requires regulation of appraisal management companies.

The proposed bill would require appraisal management companies to be independent, to meet minimum standards and to post a bond with that would reimburse potential consumer complaints. Ownership and management would have to submit to criminal background checks.

A rough draft of the bill was presented to legislators during interim sessions on Tuesday.

 

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