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The D.C. Department of Consumer and Regulatory Affairs (DCRA) held a meeting on June 6th at which various stakeholders (AMCs, Lenders, Groups representing AMCs, Appraisers, and Regulators) provided input relating to the regulation of AMCs by DCRA and/or the D.C. Board of Real Estate Appraisers. This was an information gathering session and the DCRA said the information provided was very helpful.
The decision whether to regulate AMCs operating in the District ultimately rests with the D.C. City Council and the Mayor, which would likely ask for input from DCRA and the Board. However, no legislation has been offered by the City Council and the Appraiser Board has not taken any steps to advance any legislation.
If no legislation is enacted by August 10, 2019, D.C. will be considered to be a “non-participating” jurisdiction, and AMCs will not be permitted to do business in the District of Columbia for federally related transactions. We believe the ASC does not have the authority to grant any additional extensions, so August 10th is likely the true drop dead date.
It is also conceivable that the D.C. City Council could mandate that DCRA regulate AMCs, but keep the Board out of it. In other words, the Board would have no power to regulate, oversee and discipline AMCs. That function would fall exclusively to DCRA staff. Some states, such as Illinois, have taken this approach, the argument being that it is unfair (and maybe even contrary to antitrust laws) for appraisers to be involved in regulating and disciplining AMCs.

Click the video link here
or below to view the full meeting.

P.S. I  hope you'll join us Wednesday, June 26 to hear how appraisal firms (residential and commercial, in both rural and urban markets) have figured out how to make trainee development a profitable activity and critical growth strategy for their business. Chapter Dinner Included!. Click here for details and registration.

See you there!

Peter Houstle
Executive Director
Metro DC Chapter of the Appraisal Institute
Online Education: Learn at your own pace anytime, anywhere. Top-notch Appraisal Institute courses and seminars come straight to your desktop with online education! Learn from any computer anywhere, whenever you have time. It’s easy, convenient and a great way to get the education you want. Check out the current course listing now!

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