Policy Statements

One of the ASC's core functions pursuant to Title XI (12 U.S.C. 3331-3355) is to monitor the requirements established by the States for certification and licensing of appraisers qualified to perform appraisals in connection with federally related transactions. Title XI as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) expanded the ASC's core functions to include monitoring of the requirements established by States that elect to register and supervise the operations and activities of appraisal management companies (AMCs).

The ASC performs periodic Compliance Reviews of each State appraiser regulatory program (Appraiser Program) to determine compliance or lack thereof with Title XI, and to assess the implementation of minimum requirements for credentialing of appraisers as adopted by the Appraiser Qualifications Board (The Real Property Appraiser Qualification Criteria or AQB Criteria). As a result of the Dodd-Frank Act amendments to Title XI, States with an AMC regulatory program (AMC Program) will be evaluated during the Compliance Review to determine compliance or lack thereof with Title XI, and to assess the implementation of the minimum requirements for State registration and supervision of AMCs as established by the interagency AMC Rule (12 CFR 34.210 - 34.216; 12 CFR 225.190 - 225.196; 12 CFR 323.8 - 323.14; 12 CFR 1222.20 - 1222.26).

In March 2018, the ASC issued revised Policy Statements in three parts to provide States with the necessary information to maintain their Appraiser Programs and AMC Programs in compliance with Title XI:

  • Part A, Appraiser Program - Policy Statements 1 through 7 correspond with the categories that are: (a) evaluated during the Appraiser Program Compliance Review; and (b) included in the ASC's Compliance Review Report of the Appraiser Program.
  • Part B, AMC Program - Policy Statements 8 through 11 correspond with the categories that are: (a) evaluated during the AMC Program Compliance Review; and (b) included in the ASC's Compliance Review Report of the AMC Program.
  • Part C, Interim Sanctions - Policy Statement 12 sets forth required procedures in the event that interim sanctions are imposed against a State by the ASC for non-compliance in either the Appraiser Program or the AMC Program.


Also included are two appendices:

  • Appendix A, Compliance Review Process - Provides an overview of State Compliance Reviews.
  • Appendix B, Glossary of Terms - Clarifies the meaning of terms as used in the Policy Statements.

 


Current Policy Statements 



Policy Statements


Federal Register Notice of Adoption
 



Superceded Policy Statements 


Policy Statement documents provided for historical reference:

Superseded - 1997 - ASC Policy Statements

Superseded - 2000 - Ltr to All States - Policy Statements 1 and 10 - 2000

Superseded - 2007 - ASC Policy Statements

Superseded - 2007 - Comment Ltrs from States on Policy Statement 10G

Superseded - 2007 - Ltr to All States - Proposed Policy Statement 10G

Superseded - 2007 - Ltr to All States - Final Policy Statement 10G

Superseded - 2008 - ASC Policy Statements

Superseded - 2013 - ASC Policy Statements
 

ASC Rules

The ASC has adopted four sets of regulations, which are officially in volume 12 of the Code of Federal Regulations, part 1102, subparts A, B, C, D, and E.

Subpart A describes the ASC's procedures for granting, extending, and terminating temporary waiver relief. These procedures apply whenever a State appraiser regulatory agency requests the ASC for a waiver of any requirement relating to the certification or licensing of a person to perform appraisals under Title XI. The procedures also apply when the ASC, based on sufficient, credible information or requests received from other persons or entities, initiates a temporary waiver proceeding. Temporary waivers generally are appropriate when a scarcity of certified or licensed appraisers exists.

Subpart B contains the ASC's rules of practice for proceedings. These procedures generally govern how the ASC formally initiates and determines if a State appraiser regulatory agency's policies, practices, and procedures are inconsistent with Title XI. If the ASC makes such a finding, certifications or licenses issued by the offending State appraiser regulatory agency are "not recognized" by Federal agencies, Fannie Mae and Freddie Mac, and affected appraisers cannot legally perform appraisals for Federally insured financial institutions and Fannie Mae and Freddie Mac.

Subpart C concerns ASC implementation of the Privacy Act of 1974, which was adopted to protect the privacy of persons identified in information systems maintained by the Federal agencies. The subpart establishes procedures that require the ASC to: advise an individual upon request whether records maintained by the ASC in a system of records pertain to that person; and grant that person access to those records; and provide the person with an opportunity to correct or amend those records.

Subpart D implements the Freedom of Information Act. The subpart describes the ASC's authority and functions, its organization and method of operation, and the procedures for persons to request documents from the ASC. It also enables the public to petition for the issuance, amendment, and repeal of rules of general application.

Subpart E implements the collection and transmission of appraisal management company (AMC) registry fees for States that elect to register and supervise AMCs pursuant to 12 U.S.C. 3346 and 3353, and the regulations promulgated thereunder.

PDF of all ASC Rules