Six agencies today issued a proposed rule on the minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC serves as an intermediary between appraisers and lenders. The rule stems from changes under the Dodd-Frank Act.
The minimum requirements in the proposed rule would apply to states that create an appraiser certifying and licensing agency with the authority to register and supervise AMCs. It doesn’t compel a state to establish an AMC registration and supervision program, and no penalty is imposed if a state doesn’t participate.
However, an AMC is barred by section 1124 from providing appraisal management services for federally related transactions in a state that hasn’t created such a regulatory structure. Read more
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