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Rule provides for state oversight of appraisal management companies

6 federal agencies issued minimum requirement rule yesterday

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Six federal regulatory agencies on Thursday issued a final rule that establishes minimum requirements for states that elect to register and supervise appraisal management companies (AMCs), or entities that provide appraisal management services to lenders, underwriters or other principals in the secondary mortgage markets. As described in the rule, AMC services include contracting with licensed and certified appraisers to perform appraisal assignments. The rule, issued by the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp. (FDIC), the Consumer Financial Protection Bureau (CFPB), the Federal Housing Finance Agency (FHFA) and the National Credit Union Administration (NCUA), contains amendments to Title XI of the Dodd-Frank Act. Under the rule, states may elect to register and supervise AMCs if they apply certain minimum registration and supervision requirements. Currently, 37 states already...