In accordance with new Virginia state law, Dart Appraisal announced March 18 that it has become one of the first licensed appraisal management companies (AMCs) authorized to operate in the state of Virginia by the Virginia Real Estate Appraiser Board.
The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law on July 21, 2010, and requires that appraisal management companies “register with and be subject to supervision by a state appraiser certifying and licensing agency in each state in which such company operates.”
Dart Appraisal, a national AMC, is licensed nationwide in accordance with all state regulations.
The Virginia Real Estate Appraiser Board began licensing and regulating all AMCs in Virginia Feb. 1, detailing the definitions, qualifications, fees, and standards of practice and conduct for AMCs operating within the state. According to Section 54.1-2021.1 of the Code of Virginia, “No person shall engage in business as an appraisal management company without a license issued by the board.”
“Compliance is a key component of our business model, and we take pride in remaining at the forefront of all licensing and regulation requirements throughout the industry,” Dart Appraisal Executive Vice President Michael Dresden said. “Our clients rely on us to stay current and to ensure their compliance throughout the mortgage appraisal process.”