Mississippi Appraisal Management Company License Bond
If you wish to operate as an Appraisal Management Company (AMC) in the State of Mississippi, you will need to apply for a license with the Mississippi Real Estate Commission. In accordance with Mississippi Annotated Code 73-34-103, the applicant will be required to post and maintain a $20,000 Appraisal Management Company License Bond with the commission. The bond is reserved for the use, benefit and indemnity of any person who suffers any damage or loss as a result of the appraisal management company’s breach of contract or of any obligation arising therefrom or any violation of law.
By definition, Appraisal Management Company means any act in connection with valuing properties, collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party that manages a network or panel of 15 or more certified or licensed appraisers in Mississippi or 25 or more nationwide within a given year, that is 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 to:
1. Recruit, select, and retain appraisers;
2. Contract with licensed and certified appraisers to perform appraisal assignments;
3. Manage the process of having an appraisal performed, including but not limited to, providing administrative duties such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed; or
4. The review and verification of the appraisers work.
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