What is the AMC National Registry?
The National Registry of AMCs (AMC Registry) is a national online database of appraisal management companies (AMCs) maintained by the Appraisal Subcommittee (ASC). Any AMC that meets the definition of an AMC under federal law is eligible for inclusion on the AMC Registry. The AMC Registry is also open to the public and may be used by clients and consumers to view certain information about an AMC.
TALCB has prepared the following FAQs to help AMCs understand the process for reporting required information and paying AMC Registry fees.
What is TALCB’s role in this process?
Federal law requires state regulatory bodies, such as TALCB, to collect the required information and related fees from the AMCs registered or operating in their state and passing the information and fees on to ASC.
- What is an AMC required to report to the AMC Registry?
An AMC is required to report on an annual basis:
- if the AMC oversees an appraiser panel of more than 15 appraisers in Texas or 25 or more appraisers in multiple states;
- if the AMC is a Federally regulated AMC; and
- the number of appraiser panel members who performed work on one or more covered transactions in Texas during the relevant 12-month period, which TALCB has defined as the calendar year immediately preceding the AMC Registry reporting period, or January 1, 2019, through December 31, 2019.
PLEASE NOTE: A “covered transaction” is defined as any consumer credit transaction secured by the consumer’s principal dwelling.
- How do I know if an appraiser on my panel performed work on a "covered transaction?"
It is up to the AMC to determine if a panelist performed work on a "covered transaction," which is defined as a consumer credit transaction secured by the consumer’s principal dwelling. To help an AMC make this determination, TALCB has compiled a list of some of the most common appraisal forms used by an appraiser when performing work on a covered transaction.
PLEASE NOTE: The list below does not represent an exhaustive list of applicable forms and does not relieve an AMC from its obligation to determine if a panel member's work relates to a covered transaction.
Forms typically associated with a covered transaction, however each transaction will need to be reviewed by the AMC to determine if it was performed for a consumer credit transaction secured by the consumer’s principal dwelling.
- Fannie Mae/Freddie Mac 1004/70 - Single Family One Unit, Interior Inspection appraisal.
- Fannie Mae/Freddie Mac 2055/2055 - Single Family One Unit Exterior Inspection appraisal
- Fannie Mae/Freddie Mac 1073/ 465 - Single Family/One Unit Condominium Interior Inspection Appraisal
- Fannie Mae/Freddie Mac 1075/ 466 - Single Family/One Unit Condominium Exterior Inspection Appraisal
- Fannie Mae/Freddie Mac 1004C/70B - Manufactured Housing Interior Inspection Appraisal form
The following forms are not typically associated with a covered transaction, however each transaction will need to be reviewed by the AMC to make this determination.
- Fannie Mae/Freddie Mac 1025/72 - Multi Family 2-4 Unit Appraisal Form
- Land Appraisal Form
- GPAR - General Purpose Appraisal Report, used for non-mortgage lending appraisals
- Is there a difference between the number of panel members reported to TALCB for the AMC Registry and the number of panel members reported to TALCB when I renew my AMC's license?
YES. The number of panel members reported for the AMC Registry includes only panel members who perform work on a covered transaction during the AMC Registry reporting period (January 1 through December 31st of the prior year). This information is reported annually to TALCB.
When renewing an AMC license, an AMC must report the total number of panel members on the AMC's panel at the time of the AMC's renewal. An AMC reports this information to TALCB at the time of the AMC's renewal, every two years.
For example, if an AMC has a total of 50 panel members in Texas, and 35 of those panel members perform work on a covered transaction during the AMC Registry reporting period specified above, the AMC would report only those 35 panelists for the AMC Registry. When renewing the AMC's license, the AMC would report all 50 panelists as the number of appraisers on the AMC's panel.
Does the AMC Registry process replace the need to be licensed with TALCB? Do I still have to pay my licensing fees to TALCB?
The AMC Registry process does not replace the need to be licensed with TALCB. The AMC Registry is an annual process that is different from maintaining a Texas AMC license (which covers a two-year period). The information and fee required for the AMC Registry process is separate and distinct from the information and fees associated with a Texas AMC license application or renewal.
When does an AMC need to report this data?
AMCs must report information required by the ASC and pay the fee associated with the AMC Registry on an annual basis. TALCB has developed a simple online process for AMCs to do this.
Beginning January 2, 2020, each AMC must log into the AMC's Online Services account from the TALCB website and access the AMC Registry reporting transaction from the drop down menu. The AMC Registry reporting transaction will be available in each AMC's Online Services account from January 2nd to March 31st each year to allow AMCs sufficient time to provide the required information and pay any required fee.
PLEASE NOTE: For the initial AMC Registry reporting period starting January 1, 2020, an AMC should report the number of panel members who performed work on a covered transaction from January 1, 2019 to December 31, 2019.
Is there a fee associated with the AMC Registry?
YES. The ASC requires TALCB to collect a fee from each AMC registered or operating in Texas that meets the federal definition. The AMC Registry fee is calculated by multiplying the number of AMC panel members who performed work on a covered transaction in Texas during the previous calendar year, by twenty-five dollars ($25.00).
Panel Members reported by AMC X $25 = AMC Registry Fee
In addition, a Texas Online processing fee of three percent (3%) of the amount calculated above will be applied to the total.
PLEASE NOTE: TALCB is required to collect these fees and pass them on to the appropriate entity (ASC or Texas Online). Neither fee is kept by TALCB or deposited as part of the Agency’s operating budget.
What are my payment options?
Online credit card payment through an AMC's Online Services account is the only payment option available.
If I operate an AMC that is licensed in several states and I have already completed this process and paid my AMC Registry fee in another state, do I still need to report this data to TALCB and pay another AMC Registry fee?
YES. AMCs must submit the information required under federal law and pay the associated AMC Registry fee for each state in which the AMC operates.
What happens if I fail to comply with the AMC Registry requirements in time?
Any information or AMC Registry fees submitted and paid by an AMC to TALCB after April 15th will be considered late and non-compliant, and may result in the assessment of a late fee or disciplinary action.
Need more information about how the TALCB AMC Registry Reporting Tool works?
Below is a video of the webinar hosted by TALCB on December 9, 2019 to discuss TALCB's process for the AMC Registry fee. The video provides additional background information about the AMC Registry and an explanation of TALCB's simple online process, including a demonstration of how an AMC will log into its online services account to report the required information and pay any associated registry fee.
You can also download a slideshow illustration of of how the TALCB AMC Registry tool will look and function below.