Louisiana Revised Statutes 37:3415.15 – Fees; customary and reasonable; disclosure
Terms Used In Louisiana Revised Statutes 37:3415.15
- Appraisal: A determination of property value.
- Appraisal: means the act or process of developing an opinion of value of real property following the appraisal process defined by the Uniform Standards for Professional Appraisal Practice. See Louisiana Revised Statutes 37:3415.2
- Appraisal management company: means , in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any third party that annually oversees a network panel of more than fifteen licensed appraisers in the state or twenty-five or more licensed appraisers in two or more states and 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 do both of the following:
(a) Recruit, select, contract with, or otherwise retain an appraiser for the purpose of performing an appraisal and to verify any work performed by the appraiser for compliance with applicable state and federal requirements. See Louisiana Revised Statutes 37:3415.2
- Appraisal management services: means the process of receiving a request for the performance of real estate appraisal services from a client, and for a fee paid by the client, entering into an agreement with one or more independent appraisers to perform the real estate appraisal services contained in the request. See Louisiana Revised Statutes 37:3415.2
- Appraiser panel: means a group of appraisers that has been selected by an appraisal management company to perform real estate appraisal services for the appraisal management company on behalf of lenders or other clients. See Louisiana Revised Statutes 37:3415.2
- Client: means any person or entity that contracts with or otherwise enters into an agreement for the performance of residential real estate appraisal services. See Louisiana Revised Statutes 37:3415.2
A. An appraisal management company shall compensate appraisers at a rate that is customary and reasonable for appraisals being performed in the market area of the property being appraised, consistent with the requirements of 15 U.S.C. § 1639(e) and the final federal rules as provided for in the applicable provisions of 12 CFR Parts 34, 225, 226, 323, 1026, and 1222.
B. An appraisal management company shall separately state to the client all of the following:
(1) The fees paid to an appraiser for appraisal services.
(2) The fees charged by the appraisal management company for services associated with the management of the appraisal process, including procurement of the appraiser’s services.
C.(1) An appraisal management company shall not prohibit any appraiser who is part of an appraiser panel from recording the fee that the appraiser was paid by the appraisal management company for the performance of the appraisal within the appraisal report that is submitted by the appraiser to the appraisal management company.
(2) An appraisal management company shall not include any fees for appraisal management services performed by the company in the amount the company reports as charges for the actual completion of an appraisal by the appraiser.
Acts 2012, No. 429, §1, eff. May 31, 2012; Acts 2016, No. 259, §1.