Cornerstone Home Lending, Inc.; The Notice of Petition for Declaratory Statement was published in Vol. 39, No.181, of the September 17, 2013, Florida Administrative Register. The Board considered the Petition at a duly-noticed public meeting held on ...

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Florida Real Estate Appraisal Board

NOTICE IS HEREBY GIVEN that Florida Real Estate Appraisal Board has issued an order disposing of the petition for declaratory statement filed by Cornerstone Home Lending, Inc. on August 30, 2013. The following is a summary of the agency’s disposition of the petition:

The Notice of Petition for Declaratory Statement was published in Vol. 39, No.181, of the September 17, 2013, Florida Administrative Register. The Board considered the Petition at a duly-noticed public meeting held on October 17, 2014. The Petitioner sought the Board’s opinion of Title XXXII, Chapter 475, Sections 475.611(3)(c), (d) and 475.6235(1), F.S. regarding whether using an internal appraisal process constitutes an “appraisal management service.” Whether Petitioner is considered an “Appraisal Management Company; whether Petitioner is required to become registered or licensed as an appraisal management company; what aspects define an “Appraisal Management Company”; does the use of software make Petitioner an appraisal management company; is Mercury Network considered an appraisal management company; should Mercury Network or Cornerstone Mortgage Company be licensed as an appraisal management company. The Board’s Order, filed on December 10, 2013, answers the petition stating that because the Petitioner states that it uses the appraisal process for its own lending purposes and does not receive compensation from its customers for its appraiser services, the Petitioner isn’t “employing, contracting with , or otherwise retaining” certified appraisers to perform appraisal services for a client, or otherwise acting as a broker or intermediary between a client and one or more appraisers to facilitate the client’s “employing, contracting with, or otherwise retaining the appraisers.” Therefore, the Petitioner is not performing appraisal management services and is not required to be licensed as an appraisal management company. The Board further states that Petitioner does not have standing to inquire whether the third party technology is required to be licensed as an appraisal management company because a Petition in not proper when asking about the conduct or particular circumstances of another person or entity. However, the Petitioner is not required to be licensed as an appraisal management company by virtue of its use of the third party technology for the reasons stated in the preceding paragraph. The Board’s response to this Petition is based on the Petitioner’s particular set of circumstances set forth in the Petition and only answers the questions raised related to the particular set of circumstance as stated in the Petition, and is not a policy statement of general applicability.

A copy of the Order Disposing of the Petition for Declaratory Statement may be obtained by contacting: Juana Watkins, Division Director, Division of Real Estate, 400 West Robinson Street, Hurston Building, North Tower, Suite N801, Orlando, Florida 32801.