W. Va. Code R. § 190-5-9

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 190-5-9 - Retention of Records

An appraisal management company registered under the provisions of W. Va. Code § 30- 38A-1 et seq., and this rule shall retain the following records:

9.1. A detailed record of each service request that it receives for appraisals of real property located in this state, which shall include, but is not limited to, the following:

9.1.a. A letter of engagement with the appraiser;

9.1.b. An appraisal report received from the appraiser, including the original report, any revised reports, and any addenda or other material furnished subsequent to the delivery of the original report;

9.1.c. Any and all assignment related correspondence sent to and received from the appraiser;

9.1.d. A letter of engagement with any independent review appraiser for the purpose of reviewing the requested appraisal if an appraisal review assignment is commissioned by the appraisal management company;

9.1.e. Review of the requested appraisal, including the original review report, any and all correspondence sent to and received from the reviewing appraiser, and each subsequent revised review report;

9.1.f. Requests received from the client, all documentation supplied to that client, and any and all correspondence sent to and received from the client; and

9.1.g. Fees paid to utilized appraisers and the fees received from the client;

9.2. Copies of all appraiser fee schedules maintained and used by the appraisal management company including:

9.2.a. Beginning and ending effective dates of the schedules;

9.2.b. Fees paid for a defined service;

9.2.c. Documentation to support that the fee schedule is customary and reasonable and complies with TILA; and

9.2.d. Copies of rosters of appraiser fee panels used for assignments, including the name of the appraiser, each appraiser's West Virginia credential number, the date the appraiser was placed on the panel and the date and reason the appraiser was removed from the panel.

9.3. Records must be retained for a minimum of five years. However, if, within the five-year period, an appraisal or report is involved in an investigation, litigation, or state or federal review, the records must be retained for two years after the date of the final disposition of that investigation, litigation, or state or federal review whichever is later. Records may be retained as a photocopy or electronic copy type of media.

9.4. The board may inspect the records of appraisal management companies at any time without prior notice, provided that such inspection is conducted within the normal business hours of the AMC.

W. Va. Code R. § 190-5-9