DEPARTMENT OF REGULATORY AGENCIES
DIVISION OF REAL ESTATE
BOARD OF REAL ESTATE APPRAISERS
4CCR 725-2

12.8  License or Permit Title

Pursuant to and in compliance with Title 12, Article 61 and Title 24, Article 4, C.R.S. as amended, notice of proposed rulemaking is hereby given, including notice to the Attorney General of the State of Colorado and to all persons who have requested to be advised of the intention of the Colorado Board of Real Estate Appraisers (the “Board”) to promulgate rules, or to amend, repeal or repeal and re-enact the present rules of the Board.

Section 1.	Statement of Basis and Authority
Section 2. 	Scope and Purpose
Section 3.	Applicability
Section 4. 	12.8 License or Permit Title 

Section 1. 	Statement of Basis and Authority

The statutory basis for the rules titled Rules of the Board of Real Estate Appraisers is Chapter 7 of Title 12, Article 61, Colorado Revised Statutes, as amended.  The General Assembly passed Senate Bill 90-34, effective July 1, 1990, which created the Board and mandated the licensing of real estate appraisers under the statutory terms and conditions.  The General Assembly has variously amended the statutes by passing House Bill 92-1177, House Bill 96-1080, Senate Bill 97-90, House Bill 97-1056, House Bill 00-1137 and House Bill 02-1130.

Section 2.	Scope and Purpose

The purpose of these rules is to effectuate the legislative directive to promulgate necessary and appropriate rules in conformity with the statute and the provisions of the federal Financial Institutions Reform, Recovery and Enforcement Act of 1989.

Section 12-61-706, C.R.S. requires the Board of Real Estate Appraisers to prescribe requirements for the initial registration, licensing and certification of persons to meet the requirements of the federal “Real Estate Appraisal Reform Amendments”, Title XI of the federal “Financial Institutions Reform, Recovery, and Enforcement Act of 1989”. The Federal Housing Finance Agency (“FHFA”) has directed the government-sponsored enterprises (“GSEs”) to collect data about loans and develop and implement uniform appraisal and other loan delivery data standards, as well as a joint appraisal data delivery system for single-family loans purchased or securitized by Fannie Mae (“Fannie”) or Freddie Mac (“Freddie”). Fannie and Freddie are actively involved with the Mortgage Industry Standards Maintenance Organization (“MISMO”), a subsidiary of the Mortgage Bankers Association. The Mismo Version 3.0 Reference Model serves as the basis for the Uniform Loan Delivery Dataset (“ULDD”) that the GSEs will require for loan delivery.  Pursuant to the Fannie Mae Selling Guide, Field Definitions for the 2000 Character Loan Delivery File Format, the field for Appraiser’s State License Number is limited to a maximum of a 21-digit alphanumeric value.  

We have been notified that larger lenders are already incorporated the new MISMO (Mortgage Industry Standards Maintenance Organization) requirements into their system, and will not accept an appraisal that does not meet the data delivery guidelines. Currently, with the requirement that licensees use the full license title or the approved abbreviations (including Crt. Gen. App. or Cert. Genl. Appr., among others), the license designation exceeds the license field 21 character maximum allowed in the MISMO compliant forms. 
Section 3.	Applicability

This permanent rule governs real estate appraisers who are subject to the requirements of Part 7 of Title 12, Article 61 of the Colorado Revised Statutes.

Section 4. 	12.8 License or Permit Title 
12.8  When complying with Rule 12.4 an appraiser shall use the full license or permit title in Rules 1.12, 1.13, 1.14, 1.15, and 1.18, or shall use the appropriate abbreviation as listed below, followed by the license or permit number. Use of initials only, such as RA, LA, CRA, CGA, or TP to identify the type of license or permit is prohibited except when necessary to comply with federally implemented data collection or reporting requirements (for example Fannie Mae or Freddie Mac implemented policies or guidelines).
Registered Appraiser:  Reg. App. or Reg. Appr.
Licensed Appraiser:  Lic. App. or Lic. Appr.
Certified Residential Appraiser:  Crt. Res. App. or Cert. Res. Appr.
Certified General Appraiser:  Crt. Gen. App. or Cert. Genl. Appr.
Temporary Practice Permit:  Temp. Prac. Pmt.