Six housing agencies issue final rule for AMCs

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Six federal financial regulatory agencies have jointly issued a final rule that implements minimum requirements for state registration and supervision of appraisal management companies (AMCs). The final rule implements amendments to Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

Six agencies have issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies, or AMCs. An AMC is an entity that serves as an intermediary between appraisers and lenders and provides appraisal management services.

WASHINGTON- Six federal financial regulatory agencies today issued a final rule that implements minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that provides appraisal management services to lenders or underwriters or other principals in the secondary mortgage markets.

Six federal financial regulatory agencies today issued a final rule that implements minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that provides appraisal management services to lenders or underwriters or other principals in.

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An AMC owned and controlled by a credit union (whether owned by a State or Federally chartered credit union) is not considered to be regulated by a Federal financial institutions regulatory agency under the final rule. As such, AMC CUSOs are required to register in accordance with applicable State requirements. 6.

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Six housing agencies issue final rule for AMCs. months from the effective date of this final rule, any non-federally regulated AMC is barred by section 1124 of Title XI from providing appraisal.

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The AMC minimum requirements in the final rule apply to states that elect to register and supervise AMCs, as AMCs are defined in the rule. The final rule does not compel a state to establish an AMC registration and supervision program, and no penalty is imposed on a state that does not establish a regulatory structure for AMCs.