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News and updates from ASC related to real estate appraiser and appraisal management company (AMC) regulation.
ASC Highlights
All Updates
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Federal Register Updates
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The Federal Financial Institutions Examination Council met on August 7, 2020, via WebEx, and a quorum of the Council being present, took the following action: pursuant to § 1119(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended, the Council approved the temporary waiver extension approved by the Appraisal Subcommittee (ASC) on July 29, 2020, as follows:
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The Notice of Termination of Residential Temporary Waiver Relief in North Dakota was posted in today's issue of the Federal Register. The termination date is effective on December 8, 2019. The Notice can be viewed here.
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ASC Final Order Granting in Part Temporary Waiver Relief
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On October 1, 2018, the ASC is moving its offices to 1325 G Street NW, Suite 500, Washington, DC 20005. The phone and fax numbers will remain the same. Please see the Federal Register Notice and Media Release.
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The ASC has revised the opening date for opening the National Registry of AMCs (AMC Registry). The ASC now plans to open the AMC Registry to States on July 16, 2018.
The previous target date was June 4, 2018. The ASC is issuing revised Bulletin 2017-01. The only change to the Bulletin is the open date for the AMC Registry. The Bulletin can be viewed here.
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Grants Updates
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The Appraisal Subcommittee (ASC) released a Notice of Funding Availability today to identify a partner to work closely with the ASC in the development and delivery of high-quality training and technical assistance to State appraiser and appraisal management company (AMC) regulatory programs. The deadline for applications is Wednesday, November 18, 2020 at 8:00 p.m. ET.
Please reach out to Mark Abbott at Mark@asc.gov with any questions you may have. The ASC will post dates for upcoming technical assistance calls on the Training and Technical Assistance Grants page -
The Notice of Funding Availability for State Support Grants can be found here.
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Guidance and Memoranda
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Please see the memorandum from the ASC to States regarding additional guidance for education delivery.
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Please see the memorandum to States regarding State Appraisal and AMC Program Guidance.
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Please see the joint guidance from TAF/AARO/ASC.
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Please see the memorandum from the ASC Executive Director to States regarding COVID-19 Relief to State Appraiser and AMC Programs.
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The ASC guidance for States to collect the necessary data and registry fees to place AMCs on the AMC Registry may be viewed here.
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Press Releases
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Please see the ASC Press Release regarding the approved FY21 Budget.
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Please see the ASC Press Release announcing $10 Million in new grant funds for State appraiser certifying and licensing agencies.
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Other Updates
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On December 6, 2024, the ASC posted a Proposed Rule entitled Appraisal Subcommittee Enforcement Authority Regarding the Effectiveness of State Appraiser and Appraisal Management Company Regulatory Programs in the Federal Register. Please see the link below to read the Proposed Rule. The comment period closes on February 4, 2025.
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The ASC met in a Special Meeting on July 29, 2020, and voted to approve, subject to approval by the Federal Financial Institutions Examination Council (FFIEC), an Order extending temporary waiver relief of appraiser credentialing requirements for appraisals of federally related transactions (FRTs) under $1,000,000 for commercial real estate transactions throughout the State of North Dakota for an additional one-year period and subject to specified terms and conditions.
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ASC COVID-19 Frequently Asked Questions document
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Please see the May 15, 2020, correspondence from the Appraiser Qualifications Board to the ASC regarding 24 month exam validity timeframes in response to COVID-19.