Appraisal Subcommittee

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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/.

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