Skip to main content

Feds Issue Final Rule on AMC Requirements

NationalMortgageProfessional.com
Apr 30, 2015
Home Shopping Cart AMC

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. 

Under the rule, states may elect to register and supervise AMCs. 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. However, in states that have not established a regulatory structure after 36 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 management services for federally related transactions. A state may adopt a regulatory structure for AMCs after this 36-month period, which would lift this restriction. 

Under the final rule, participating states must apply certain minimum requirements in the registration and supervision of appraisal management companies.  An AMC that is a subsidiary of an insured depository institution and is regulated by a federal financial institution regulatory agency (a federally-regulated AMC) must meet the same minimum requirements as state-regulated AMCs except for the requirement to register with a state.

This final rule will become effective 60 days after publication in the Federal Register.  The compliance date for federally regulated AMCs is no later than 12 months from the effective date of this rule. A participating state will specify the compliance deadline for state-regulated AMCs.         

The final rule is being issued jointly by the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB), the Federal Housing Finance Agency (FHFA), and the National Credit Union Administration (NCUA).  

Published
Apr 30, 2015
Government Lending Has A Strong Digital Future

Long gone are the days of 300-page files and mail requests

Regulation and Compliance
Oct 03, 2022
Appraisal Business Fears Modernizing And Newcomers

Appraisers also need to mitigate appraisal bias

Regulation and Compliance
Oct 03, 2022
R.I. Mortgage Broker Pleads Guilty To $6M Ponzi Scheme

Decade-long scheme was used to finance a lavish lifestyle.

Regulation and Compliance
Sep 30, 2022
Fannie Mae Names Almodovar Its New CEO

Financial services veteran brings more than 30 years experience and a strong commitment to affordable housing.

Regulation and Compliance
Sep 29, 2022
OCC Fines Sterling Bank & Trust $6M Over Mortgage Fraud

Bank, parent company remain under criminal investigation by Justice Department and SEC.

Regulation and Compliance
Sep 27, 2022
Federal Court Shutters Sham Mortgage Relief Operation

FTC, California agency accuse 2 business owners of scam that cost consumers millions of dollars.

Regulation and Compliance
Sep 22, 2022