AMC Minimum Requirements

12 CFR Part 34, Subpart H

Implements section 1473 of the Dodd-Frank Act (amending Title XI of FIRREA) by setting minimum standards an appraisal management company (an entity that, within a 12-month period, oversees a panel of more than 15 state-certified or -licensed appraisers in a State, or 25 or more across two or more States, in connection with covered consumer-dwelling mortgage transactions) must meet to be registered and supervised by a participating State. AMCs must establish processes and controls reasonably designed to engage only state-certified or -licensed appraisers, ensure appraiser independence and competence, and require appraisals to comply with USPAP; federally regulated AMCs (e.g., bank subsidiaries) must meet the same standards directly without state registration.