Federal Housing Finance Agency Print
Home / Supervision & Regulation / Federal Register / Minimum Requirements for Appraisal Management Companies

Minimum Requirements for Appraisal Management Companies

Open Date:
Open for comment
Deadline:
All comments are due by
Type:
Final Rule
Number:
RIN-2590-AA61
Group:
Appraisals; Supervision and Regulation
Other
Document Number:
 
CFR:
12 CFR Part 1222
CFR Description:
Appraisals
Federal Register Publish Date:
View Document:
 
Contact Information:

​OCC: Robert L. Parson, Appraisal Policy Specialist, (202) 649-6423, G. Kevin Lawton, Appraiser (Real Estate Specialist), (202) 649-7152, Mitchell E. Plave, Special Counsel, Legislative and Regulatory Activities Division, (202) 649-5490, for persons who are deaf or hard of hearing, TTY, (202) 649-5597, or Christopher Manthey, Special Counsel, Bank Activities and Structure Division, (202) 649-5500

Board: Carmen Holly, Supervisory Financial Analyst, Division of Banking Supervision and Regulation, at (202) 973-6122, or Walter McEwen, Senior Counsel, Legal Division, at (202) 452-3321, Board of Governors of the Federal Reserve System, Washington, DC 20551.

FDIC: Beverlea S. Gardner, Senior Examination Specialist, Division of Risk Management and Supervision, at (202) 898-3640, Sandra S. Barker, Senior Policy Analyst, Division of Depository and Consumer Protection, at (202) 898-3915, Mark Mellon, Counsel, Legal Division, at (202) 898-3884, or Benjamin K. Gibbs, Senior Regional Attorney, at (678) 916-2458, Federal Deposit Insurance Corporation, 550 17th Street, NW., Washington, DC 20429.

NCUA: John Brolin or Pamela Yu, Staff Attorneys, Office of General Counsel, at (703) 518-6540, or Vincent Vieten, Program Officer, Office of Examination and Insurance, at (703) 518-6360, or 1775 Duke Street, Alexandria, Virginia, 22314.

Bureau: Owen Bonheimer, Counsel, Office of Regulations, and David Friend, Counsel, Office of Regulations, 1700 G Street, NW., Washington, DC 20552, at (202) 435-7000.

FHFA: Robert Witt, Senior Policy Analyst, Office of Housing and Regulatory Policy, (202) 649-3128, or Ming-Yuen Meyer-Fong, Assistant General Counsel, Office of General Counsel, (202) 649-3078, Federal Housing Finance Agency, 400 Seventh Street, SW., Washington, DC 20024.

Related Documents:
 

There are currently no related dockets for the selected rule.

SUMMARY: The OCC, Board, FDIC, NCUA, Bureau, and FHFA (collectively, the Agencies) are adopting a final rule to implement the minimum requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) to be applied by participating States in the registration and supervision of appraisal management companies (AMCs). The final rule also implements the minimum requirements in the Dodd-Frank Act for AMCs that are subsidiaries owned and controlled by an insured depository institution and regulated by a Federal financial institutions regulatory agency (Federally regulated AMCs). Under the final rule, these Federally regulated AMCs do not need to register with a State, but are subject to the same minimum requirements as State-regulated AMCs. The final rule also implements the requirement for States to report to the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) the information required by the ASC to administer the new national registry of AMCs (AMC National Registry). In conjunction with this implementation, the FDIC is integrating its appraisal regulations for State nonmember banks and State savings associations.

Effective date: This final rule will become effective on August 10, 2015

Compliance date: Federally regulated AMCs must comply with the minimum requirements for providing appraisal management services under 12 CFR 34.215(a) no later than 12 months from the effective date of this final rule. The participating State or States in which a State-regulated AMC operates will establish the compliance deadline for State-regulated AMCs.

Submit a Comment
NOTE: To ensure file attachments are received, make certain file names do NOT include characters such as ~ # % & * { } \ : < > ? / |, that file names are short and concise, and that the file does not exceed 50MB. If you have trouble submitting input or uploading documents to attach to your input, please contact FHFAwebmaster@FHFA.gov or call (202) 649-3031 for assistance.

Privacy Act Notice

This notice is provided pursuant to the Privacy Act of 1974 (Privacy Act), as amended, 5 U.S.C. 552a. The collection of information is to process and/or respond to your complaint, appeal, inquiry, request for information, to review and post comments on proposed rules/regulations, to review feedback received on FHFA proposed or implemented initiatives, and to compile a list of potential vendors and contractors. The records are used in accordance with Systems of Records Notices (SORN), FHFA-3 Correspondence Tracking System, FHFA-20 Telecommunications System, and FHFA-22 Online Forms. You can view these SORNs by clicking here and here and here . Although providing this information is voluntary, failure to provide the requested information may result in your complaint, appeal, inquiry, request, comment, or feedback not being processed and may make it more difficult for FHFA to respond to you.

© 2019 Federal Housing Finance Agency