The Appraisal Subcommittee is a subcommittee designated by Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989. Its members are representatives of the regulatory agencies belonging to the Federal Financial Institutions Examination Council (FFIEC) and the Department of Housing and Urban Development (HUD).
The Appraisal Subcommittee is empowered to monitor state certification and licensing requirements for appraisers, review appraisal regulations set by federal regulatory agencies and review the procedures and activities of The Appraisal Foundation.
The Appraisal Subcommittee is responsible for:
|•||Monitoring the Appraisal Foundation including the establishment of appraiser qualifications and appraisal standards|
|•||Monitoring state licensing and certifying agencies to insure that practices are consistent with Title XI|
|•||Collecting a registry fee from each state for each licensed and certified appraiser in the state|
|•||Providing grants to the Appraisal Foundation to help defray costs, particularly in the development of real estate related standards and qualifications requirements|
|•||Reporting to Congress annually|
The Appraisal Subcommittee:
|•||Reports to Congress annually|
|•||Is a government entity|
|•||Is funded by collection of registry fees from state licensed and certified appraisers|
|•||Maintains a database of all licensed and certified appraisers. The database available on the Internet at http://www.asc.gov/.|