Revised policy statements on federal oversight of states’ real estate appraisal programs and appraisal management company (AMC) programs became applicable with their publication today in the Federal Register.
Federal oversight of real estate appraisal programs is administered by the Federal Financial Institutions Examination Committee (FFIEC) Appraisal Subcommittee (ASC). In one of the few changes adopted in the final statements, the panel decided not to require more information in complaint logs.
The subcommittee’s proposed policy statement revisions were published for comment first in January 2017, after which the proposal was put on hold under a regulatory freeze; and again in September with a November public comment deadline attached. The panel adopted the revised policy statements Feb. 14.
The ASC, created under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA), monitors requirements established by the states for certification and licensing of appraisers qualified to conduct appraisals in connection with federally related transactions. Among the subcommittee’s duties is to assess implementation of minimum requirements adopted by the Appraisal Qualifications Board (AQB) for appraiser credentialing. Oversight of state AMCs was added to the subcommittee charge under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and implemented by rule in 2015.