Twenty-three of the 49 states that have elected to register and supervise appraisal management companies (AMCs) have sought and been granted one-year extensions by a federal appraisal supervisory body as the national AMC Registry nears its July 16 open date.
The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC), which is responsible for oversight of states’ real estate appraiser regulatory programs, has a table showing which states and U.S. territories have opted to participate in the program. Those participating have elected to register and supervise AMCs in their states in accordance with an AMC rule adopted by federal banking regulators and the Bureau of Consumer Financial Protection (BCFP) in 2015.
A table maintained by the subcommittee shows that a total of 49 states – all except Michigan, whose participation status is marked as “unknown” – have elected to implement AMC programs. Of those, 23 have been approved for one-year extensions for their programs.
The AMC registry is scheduled to open July 16 so states can begin inputting information about appraisal management companies.
Appraisal Subcommittee chart: States’ Status on Implementation of AMC Programs