6 Federal Agencies Issue Proposed Rule on Minimum Requirements for Appraisal Management Companies
FDIC Press Release – March 24, 2014
Agencies Issue Proposed Rule on Minimum Requirements for Appraisal Management Companies
WASHINGTON— Six agencies today issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary between appraisers and lenders and provides appraisal management services.
In accordance with section 1124 of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989, as added by section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the minimum requirements in the proposed rule would apply to states that elect to establish an appraiser certifying and licensing agency with the authority to register and supervise AMCs.
Read More… http://www.fdic.gov/news/news/press/2014/pr14021.html
Copy of the Proposed Rules:
http://www.fdic.gov/news/news/press/2014/pr14021a.pdf
