FFIEC Real Estate Appraisal Subcommittee Posts 2015 Annual Report

The Appraisal Subcommittee of the Federal Financial Institutions Examination Council published an annual report outlining its activities over the past year. The subcommittee is charged with protecting federal interests in real estate transactions by ensuring that federal-related transactions are performed in accordance with uniform standards.

The subcommittee was given new responsibilities under Dodd-Frank, which are highlighted in the annual report. Significantly, the report summarized accomplishments that included (i) the commencement of the testing of a unique identifier program for each individual appraiser on the Appraiser Registry, (ii) the initiation of development of a National Registry of Appraisal Management Companies, and (iii) the refinement of the ASC Compliance Review's rating system, which allows ratings to better align the program compliance of individual states with the requirements of Title XI of the Federal Financial Institutions Examination Council Act of 1978, 12 U.S.C. 3301, et seq.