Timely License Renewal
The Office of Real Estate Appraisers sends license renewal notifications to all licensees six months prior to expiration, requesting submittal of renewal applications ninety days prior to license expiration. Should a licensee delay submittal of the renewal application, they may be deleted from OREA's website as an "Active" appraiser, and shown on the Appraisal Subcommittee's National Registry as "Inactive" until such time as the renewal license is issued. Although we make every effort to process renewal applications prior to expiration of the previous license, it is imperative that we receive renewal applications in a timely manner. In order to maintain an "active" listing of your appraisal license, please do not wait until the last week or month to submit a renewal request.
Customary and Reasonable Fees
OREA has no legal authority to enforce provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 related to Customary and Reasonable Compensation for Fee Appraisers. The Dodd-Frank Act established the Consumer Financial Protection Bureau, and many of the pieces of the Dodd-Frank Act relating to the CFPB will go into effect on July 21, 2011. For more information, please go to: http://www.consumerfinance.gov/.
Until such time as the CFPB's enforcement authority is fully implemented, violations of Customary and Reasonable Compensation provisions should be reported to:
Board of Governors of the Federal Reserve System
Division of Consumer and Community Affairs
The approval of the Housing and Economic Recovery Act of 2008 mandates revised eligibility requirements for appraisers to qualify for placement and retention on the FHA Appraiser Roster.
No later than October 1, 2009, all FHA Appraiser Roster appraisers in all states and territories must be state certified in order to be eligible to conduct appraisals for FHA-insured mortgages and remain on the FHA Appraiser Roster.
More information can be found at http://www.hud.gov/
If you have been approved by OREA and have received your Admit Letter please contact Applied Measurement Professionals Inc. at: http://www.goamp.com to schedule an examination.