Resources for Appraisal Management Companies (AMCs)
Dodd-Frank Act Amendments to Title XI; AMC Programs
Section 1117 of Title XI, Establishment of State appraiser certifying and licensing agencies, was amended by the Dodd-Frank Act to include additional duties for States, if they so choose, to: (1) register and supervise AMCs; and (2) add information about AMCs in their State to the National Registry of AMCs (AMC Registry). States electing to register and supervise AMCs under Section 1117 must implement minimum requirements in accordance with the AMC Rule (see below). States with an AMC regulatory program (AMC Program) will be evaluated during the ASC 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.
AMC Rule: The Dodd-Frank Act added section 1124 to Title XI, Appraisal Management Company Minimum Requirements. Section 1124 required the Office of the Comptroller of the Currency (OCC); Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); National Credit Union Administration (NCUA); Bureau of Consumer Financial Protection (Bureau); and Federal Housing Finance Agency (FHFA) to establish, by rule, minimum requirements for State registration and supervision of AMCs. In accordance with the statute, the agencies issued a final rule (referred to as the AMC Rule) which was published on June 9, 2015 (80 Federal Register 32658) with an effective date of August 10, 2015. (12 CFR 34.210 – 34.216; 12 CFR 225.190 – 225.196; 12 CFR 323.8 -323.14; 12 CFR 1222.20 – 1222.26.)
Section 1103 of Title XI, Functions of Appraisal Subcommittee, was amended by the Dodd-Frank Act to require the ASC to maintain the AMC Registry of those AMCs that are either: (1) registered with and subject to supervision by a State that has elected to register and supervise AMCs; or (2) are operating subsidiaries of a Federally regulated financial institution (Federally regulated AMCs). Section 1109 of Title XI, Roster of State certified or licensed appraisers; authority to collect and transmit fees, was amended by the Dodd-Frank Act to require States that elect to register and supervise AMCs to collect and transmit annual AMC registry fees to the ASC.
AMC Registry Fee Rule: The ASC issued a final rule which was published in the September 25, 2017 issue of the Federal Register (82 Federal Register 44493). The AMC Registry Fee Rule: (1) established the annual AMC registry fee in section 1109 of Title XI for AMCs in those States electing to register and supervise AMCs; and (2) implemented collection and transmission of AMC registry fees as required by section 1109. The AMC Registry Fee Rule set forth the ASC’s interpretation of the phrase “working for or contracting with” for purposes of calculating the annual AMC registry fee.
Title XI as amended by the Dodd-Frank Act imposes a statutory restriction on performance of services by AMCs for federally related transactions (FRTs) that applies after August 10, 2018 (Implementation Period). In summary, beginning 36 months from the effective date of the AMC Rule, an AMC, as defined by Title XI, may not provide services for FRTs in a State unless the AMC is registered with the State pursuant to a registration and supervision program established under Section 1117, or is subject to oversight by a Federal financial institutions regulatory agency (Federally regulated AMC). The ASC, with the approval of the Federal Financial Institutions Examination Council (FFIEC), may extend this Implementation Period within a State for an additional 12 months if the ASC makes a finding that the State has made substantial progress in establishing a State AMC registration and supervision system (AMC Program) that meets the standards of Title XI.
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.