Iowa Administrative Code › Agency 187 - Banking Division › Chapter 25 - Appraisal Management Companies › Rule 187-25.2 - Application for Registration

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 An application for registration to operate an appraisal management company in
			 Iowa shall be submitted to the administrator through the NMLS or as otherwise
			 prescribed by the administrator. All information requested in the application
			 shall be provided on or with the application form, including but not limited to
			 any and all information required by Iowa Code section
			 543E.8(2).
			 The administrator may consider an application withdrawn if the application does
			 not contain all of the information required and the missing information is not
			 submitted to the administrator within 30 days after the administrator requests
			 the missing information.
(2)
			 Appraiser panel. The application shall include a list of all certified and
			 licensed appraisers who are independent contractors and are currently on the
			 applicant's appraiser panel and shall also include any additional certified and
			 licensed appraisers who are independent contractors and who in the 12 months
			 immediately preceding submission of the application have performed appraisals,
			 for the applicant or for persons that have ordered appraisals through the
			 applicant, for covered transactions or for secondary mortgage market
			 participants in connection with covered transactions in which the dwelling is
			 located in this state. The application shall include the name, the
			 certification or license number, the date the appraiser joined the panel, and
			 the date the appraiser left the panel, if applicable, for each appraiser
			 included on the applicant's appraiser panel. The applicant's appraiser panel
			 shall include all appraisers the applicant has engaged to perform one or more
			 appraisals for or in connection with a covered transaction or for a secondary
			 mortgage market participant in connection with a covered transaction in this
			 state and all appraisers the applicant has accepted for future consideration
			 for such appraisal assignments.
(3)
			 All owners and controlling persons of the applicant must authorize a
			 fingerprint background check, through the NMLS or as otherwise prescribed by
			 the administrator, for the purpose of conducting a national criminal history
			 background check through the Federal Bureau of Investigation. This requirement
			 applies to all owners and controlling persons, regardless of whether the
			 individual has previously applied as an owner or controlling person of an
			 appraisal management company under Iowa Code chapter 543E.
(4) The applicant shall submit an application
			 fee, initial registration fee, and background investigation fee in the amounts
			 provided in subrule 25.8(5), as well as the fee required for registration on
			 the appraisal management company national registry maintained by the appraisal
			 subcommittee as specified in subrule 25.8(5). The applicant shall also pay any
			 additional fees required by the NMLS, including but not limited to, the
			 following: system processing fees and background check fees. The applicant will
			 be refunded the initial registration fee and the appraisal management company
			 national registry fee if the application is denied.
(5) If any information material to the
			 application changes after the applicant files the initial application but
			 before the administrator approves or denies the application, the applicant
			 shall provide updated information to the administrator in writing within 10
			 calendar days of the change. The administrator may deny the application when
			 such a material change in information has occurred and the applicant has failed
			 to provide updated information within the prescribed time frame.
(6) An applicant for registration to operate
			 an appraisal management company in Iowa must file with the administrator a
			 $25,000 surety bond in compliance with the provisions of Iowa Code section
			 543E.19.
(7) A registration shall
			 lapse on the next succeeding December 31 after it is issued, but a registration
			 granted on or after November 1 and before December 31 shall not lapse until
			 December 31 of the following year. For example, a registration granted on
			 November 17, 2017, would not expire until December 31, 2018. An applicant whose
			 registration is granted on or after November 1 and before December 31 may be
			 required, as determined by the appraisal subcommittee, to pay the fee for
			 registration on the appraisal management company national registry in full for
			 both calendar years. For example, while a registration granted on November 17,
			 2017, would not lapse until December 31, 2018, the registrant may be required
			 to pay the national registry fee in full for 2017 and
			 2018.