US Code
CHAPTER 34A— APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
§ 3350. Definitions

(1) State appraiser certifying and licensing agencyThe term “State appraiser certifying and licensing agency” means a State agency established in compliance with this chapter.
(2) Appraisal Subcommittee; subcommitteeThe terms “Appraisal Subcommittee” and “subcommittee” mean the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.
(3) CouncilThe term “Council” means the Federal Financial Institutions Examinations Council.
(4) Federally related transactionThe term “federally related transaction” means any real estate-related financial transaction which—(A) a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates; and
(B) requires the services of an appraiser.
(5) Real estate related financial transactionThe term “real estate-related financial transaction” means any transaction involving—(A) the sale, lease, purchase, investment in or exchange of real property, including interests in property, or the financing thereof;
(B) the refinancing of real property or interests in real property; and
(C) the use of real property or interests in property as security for a loan or investment, including mortgage-backed securities.
(6) Federal financial institutions regulatory agenciesThe term “Federal financial institutions regulatory agencies” means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration.
(7) Financial institutionThe term “financial institution” means an insured depository institution as defined in section 1813 of this title or an insured credit union as defined in section 1752 of this title.
(8) ChairpersonThe term “Chairperson” means the Chairperson of the Appraisal Subcommittee selected by the Council.
(9) FoundationThe terms “Appraisal Foundation” and “Foundation” means the Appraisal Foundation established on November 30, 1987, as a not for profit corporation under the laws of Illinois.
(10) Written appraisalThe term “written appraisal” means a written statement used in connection with a federally related transaction that is independently and impartially prepared by a licensed or certified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date, supported by presentation and analysis of relevant market information.
(11) Appraisal management companyThe term “appraisal management company” means, in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer’s principal dwelling or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than 15 certified or licensed appraisers in a State or 25 or more nationally within a given year—(A) to recruit, select, and retain appraisers;
(B) to contract with licensed and certified appraisers to perform appraisal assignments;
(C) to manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed; or
(D) to review and verify the work of appraisers.

Structure US Code

US Code

Title 12— BANKS AND BANKING

CHAPTER 34A— APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

§ 3331. Purpose

§ 3332. Functions of Appraisal Subcommittee

§ 3333. Chairperson of Appraisal Subcommittee; term of Chairperson; meetings

§ 3334. Officers and staff

§ 3335. Powers of Appraisal Subcommittee

§ 3336. Procedures for establishing appraisal standards and requiring use of certified and licensed appraisers

§ 3337. Startup funding

§ 3338. Roster of State certified or licensed appraisers; authority to collect and transmit fees

§ 3339. Functions of Federal financial institutions regulatory agencies relating to appraisal standards

§ 3340. Time for proposal and adoption of standards

§ 3341. Functions of Federal financial institutions regulatory agencies relating to appraiser qualifications

§ 3342. Transactions requiring services of State certified appraiser

§ 3343. Transactions requiring services of State licensed appraiser

§ 3344. Time for proposal and adoption of rules

§ 3345. Certification and licensing requirements

§ 3346. Establishment of State appraiser certifying and licensing agencies

§ 3347. Monitoring of State appraiser certifying and licensing agencies

§ 3348. Recognition of State certified and licensed appraisers for purposes of this chapter

§ 3349. Violations in obtaining and performing appraisals in federally related transactions

§ 3350. Definitions

§ 3351. Miscellaneous provisions

§ 3352. Emergency exceptions for disaster areas

§ 3353. Appraisal management company minimum requirements

§ 3354. Automated valuation models used to estimate collateral value for mortgage lending purposes

§ 3355. Broker price opinions

§ 3356. Exemption from appraisals of real estate located in rural areas