On May 28, the Appraisal Subcommittee of the Federal Financial Institutions Examination Council announced its adoption of revised policy statements, requirements and guidance to state appraiser regulatory programs for compliance with Title XI.
The policy statements provide states with information on maintaining their appraiser regulatory programs in compliance with Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended (FIRREA Title XI).
Title XI was adopted to provide protection of federal financial and public policy interests by establishing certain requirements for appraisals performed for federally related transactions. The ASC, which was established to further these goals, sets standards and monitors requirements established by states for certification and licensing of individuals qualified to perform appraisals.
Of particular note, the policy statements pertaining to the national registry, application process, reciprocity, enforcement and interim sanctions were revised to clarify existing and new requirements resulting from the changes to FIRREA Title XI by the Dodd-Frank Act.
The ASC voted in open session at its May 21, 2013 ASC Meeting to adopt the revised policy statements, which take effect June 1, 2013.
A summary of and supplemental information on the revised policy statements are available here.