By Jann Swanson
Posted To: MND NewsWire
Six federal regulators recently issued a final rule setting requirements for state registration and supervision of appraisal management companies (AMCs) . AMCs are entities that contract with and manage licensed and certified appraisers to provide appraisal services to lenders, underwriters, or other principals in the secondary mortgage markets. AMCs may be independent entities or subsidiaries of federal financial institutions. If the latter, the AMC must meet the same minimum requirements as state-regulated AMCs but are not required to register with a state. The new rule, which will go into effect in about 60 days , finalizes regulations proposed for public comment in March 2014. The rule implements changes to the Financial Institution Reform, Recovery, and Enforcement Act (FIRREA) by the…(read more)
Via:: Final Rules for AMC Supervision Released by Regulators
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