Based on legal precedent at the state and federal levels, REVAA has drafted model legislation that would benefit the mortgage industry, homeowners, and the real estate valuation industry.
Learn more about how federal agencies have supported the use of BPOs and the many uses of BPOs in the mortgage lending industry.
REVAA Model BPO Legislation
(a) Notwithstanding any provisions to the contrary, a real estate broker or sales agent licensed by this state may prepare an opinion:
(i) regarding the price of real estate;
(ii) to a potential seller or third party recommending a listing price of real estate;
(iii) to a potential buyer or third party recommending a purchase price of real estate; or
(iv) to an existing or potential lien holder or other third party for any purpose other than as the sole basis to determine the value of a property for the purpose of a purchase money loan origination (provided that the transaction has not otherwise been designated by rule as appropriate by the relevant federal regulators).
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Precedents at the Federal Level
AMC Model Legislation
HOUSE/SENATE BILL NO. XXXX
By Senator/Representative XXXX
Section (1) Title.
a) This chapter shall be known as the {State} Appraisal Management Company Registration Act.
Section (2) Definitions.
a)"Agency means the {designated State appraiser certifying and licensing Agency} responsible for registering appraisal management companies under this act.
b)"Appraisal" means the practice of developing an opinion of the value of real property in conformance with the Uniform Standards for Professional Appraisal Practice (USPAP) as developed by the Appraisal Foundation.
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