This legislation provides the department with the statutory authority to develop and implement registration requirements for appraisal management companies (“AMCs”) in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization or any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer’s principal dwelling or by an underwriter of or other principal in the secondary mortgage markets operating in this state as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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