Federal Financial Institutions Regulatory Agencies
The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC), comprise the Federal financial institutions regulatory agencies (Agencies). Title XI requires each of the Agencies to prescribe appropriate standards for the performance of real estate appraisals in connection with federally related transactions (defined as those real estate-related financial transactions that an Agency engages in, contracts for, or regulates, and that require the services of an appraiser). These rules must require, at a minimum, that real estate appraisals be performed in accordance with generally accepted uniform standards as promulgated by the Appraisal Standards Board (ASB) of the Appraisal Foundation, that such appraisals be in writing and that such appraisals be subject to review for compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). Such appraisals are to be performed by individuals whose competency has been demonstrated and whose professional conduct is subject to effective State supervision. Agencies may require compliance with additional standards if it makes a determination that such additional standards are required in order to properly carry out its statutory responsibilities. Each of the Agencies has adopted additional appraisal standards. These guidelines and other guidance can be found by accessing the individual Agency websites provided in the Quick Links.
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.
Publications:
Appraisers, Appraisals, & You: A Lender's Guide to USPAP