Appraisal Subcommittee

One of the ASC's core functions pursuant to Title XI (12 U.S.C. 3331-3355) is to monitor the requirements established by the States 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 (The Real Property Appraiser Qualification Criteria or 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 interagency AMC Rule (12 CFR 34.210 - 34.216; 12 CFR 225.190 - 225.196; 12 CFR 323.8 - 323.14; 12 CFR 1222.20 - 1222.26).

In March 2018, the ASC issued revised Policy Statements in three parts to provide States with the necessary information to maintain their Appraiser Programs and AMC Programs in compliance with Title XI:  

• Part A, Appraiser Program - Policy Statements 1 through 7 correspond with the categories that are: (a) evaluated during the Appraiser Program Compliance Review; and (b) included in the ASC's Compliance Review Report of the Appraiser Program.
• Part B, AMC Program - Policy Statements 8 through 11 correspond with the categories that are: (a) evaluated during the AMC Program Compliance Review; and (b) included in the ASC's Compliance Review Report of the AMC Program. 
• Part C, Interim Sanctions - Policy Statement 12 sets forth required procedures in the event that interim sanctions are imposed against a State by the ASC for non-compliance in either the Appraiser Program or the AMC Program. 

 Also included are two appendices.  Appendix A, Compliance Review Process, provides an overview of State Compliance Reviews.  Appendix B, Glossary of Terms, clarifies the meaning of terms as used in the Policy Statements.

Following are links to the Policy Statements and the Federal Register Notice of Adoption:

Policy Statements

Federal Register Notice

Policy Statement documents provided for historical reference: