For the purposes of this chapter, the term, appraisal management company, means, in connection with valuing properties and collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party 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, that oversees a network or panel of more than fifteen certified or licensed appraisers in a state or twenty-five or more nationally within a given year to:

(1) Recruit, select, and retain appraisers;

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(2) Contract with licensed or certified appraisers to perform appraisal assignments;

(3) Manage the process of having an appraisal performed, including providing administrative duties including:

(a) Receiving appraisal orders and appraisal reports;

(b) Submitting completed appraisal reports to creditors and underwriters;

(c) Collecting fees from creditors and underwriters for services provided; or

(d) Reimbursing appraisers for services performed; or

(4) Review and verify the work of appraisers for compliance with the Uniform Standards of Professional Appraisal Practice.

Source: SL 2011, ch 184, § 2.