The federal panel that sets real estate appraisal requirements and rules will open its national registry of appraisal management companies (AMCs) to the states by July 16, six weeks later than originally planned.
States that wish to participate in the registry need to collect AMC registry fees, according to a final rule issued by the Federal Financial Institutions Examination (FFIEC) Appraisal Subcommittee (ASC) that took effect Nov. 24. The delay in the registry open date (it was previously set for June 4) is to give states time to amend rules, regulations or operating procedures in order to implement the AMC registry fees.
The ASC says that after June 4, 2020, any participating state’s compliance review will include review of requirements for entering AMCs on the registry. Until then, it says, a state’s AMC program will be considered compliant whether or not the state is ready to enter AMCs on the registry.