Appraisal Subcommittee

Resources for State Appraiser Certifying and Licensing Agencies 

Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 as amended (Title XI) established the Appraisal Subcommittee (ASC).  Pursuant to Title XI, one of the ASC’s core functions is to monitor the requirements established by the States[1] for certification and licensing of appraisers qualified to perform appraisals in connection with federally related transactions.  Title XI as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) expanded the ASC’s core functions to include monitoring of the requirements established by States that elect to register and supervise the operations and activities of appraisal management companies (AMCs).    

The ASC performs periodic Compliance Reviews of each State appraiser regulatory program (Appraiser Program) to determine compliance or lack thereof with Title XI, and to assess implementation of minimum requirements for credentialing of appraisers as adopted by the Appraiser Qualifications Board (AQB):  Real Property Appraiser Qualification Criteria (AQB Criteria).  As a result of the Dodd-Frank Act amendments to Title XI, States with an AMC regulatory program (AMC Program) will be evaluated during the Compliance Review to determine compliance or lack thereof with Title XI, and to assess implementation of the minimum requirements for State registration and supervision of AMCs as established by the AMC Rule. 

The ASC issues Policy Statements to provide States with the necessary information to maintain their Appraiser Programs and AMC Programs in compliance with Title XI.  The Policy Statements were revised in March 2018.  The ASC’s Compliance Review of States' Programs (Appraiser and/or AMC) focuses on three key components: (1) compliance with Title XI; (2) maintaining a strong regulatory program; and (3) limiting overall risk of Program failure. 

The ASC monitors State Programs largely through on-site visits to the States.  The ASC performs an on-site Compliance Review of each State Programs on a two-year Review Cycle.  If significant concerns are identified, a State may be placed on a one-year Review Cycle, or a Follow-up Review may be scheduled, usually within six to nine months.  The ASC issues a final ASC Compliance Review Report (Report) with the ASC Finding on a Program’s overall compliance, or lack thereof, with Title XI.  You will find copies of the current Reports on the State Compliance Review page of this website.  Past Reports can be found in the Public Documents Library under State Compliance Review correspondence. 

States may find helpful documents to assist in carrying out their Title XI responsibilities on the Informative Documents for Regulators link on this website. 

States' Status on Implementation of AMC Programs 

Here is a link to a chart that reflects States’ status on implementation of AMC Programs, either “participating” or “non-participating” if known, as well as those States that have applied for an extension to the Implementation Period.  Staff will continue to update the chart when notified of changes in status.  Links are provided on the chart to State websites, which until the AMC Registry is fully operational, will be the best and most accurate source on States’ status.    

Policy Managers 

Title XI created a unique partnership and regulatory structure between the Federal and State governments and the private sector.  The ASC encourages States to utilize ASC Policy Managers as an educational and informational resource.  Policy Managers are available to assist States with questions and concerns relating to all aspects of their Programs.  States are encouraged to notify their assigned Policy Manager when there are any Program staffing changes, structural changes, or statutory and/or regulatory proposals involving their Program(s). 

Policy Manager's contact information and current State assignments can be found here.  

[1] “State” refers to the 50 States, the District of Columbia, and four territories (Commonwealth of Puerto Rico, Commonwealth of the Northern Mariana Islands, Guam and United States Virgin Islands). 

Below are a few helpful real estate appraisal related links:

Appraisal Foundation 

USPAP 
Course Approval Program 
AQB Criteria 
International Distance Education Certification Center 
Association of Appraiser Regulatory Officials 
Housing and Urban Development / Federal Housing Administration 
ASC Policy Statements