FFIEC Issues Final Rule Regarding Annual AMC Registry Fees

The Appraisal Subcommittee of the FFIEC (“ASC”) has adopted a final rule that provides for the collection and transmission of appraisal management company (“AMC”) annual AMC Registry fees (as prescribed by the Dodd-Frank Act) that will be applied by state appraiser-certifying and licensing agencies that elect to register and supervise AMCs.  This final rule becomes effective on November 24, 2017.

The ASC established the fees based on the number of years that an AMC has been in existence.  For AMCs that have been in existence for more than a year, the AMC Registry fees will be $25 per appraiser who performed an appraisal for the AMC on a covered transaction (defined as any consumer credit transaction secured by the consumer’s principal dwelling) in the state during the previous year.  For an AMC that has not been in existence for more than a year, the AMC Registry fees will be $25 per appraiser who has performed an appraisal for the AMC on a covered transaction in the state since the AMC commenced doing business.

The final rule requires that AMC Registry fees be collected and transmitted to the ASC on an annual basis by states that elect to register and supervise AMCs.  It also limits the AMCs that may be on the AMC Registry to those who have transmitted the required annual fees.

The ASC will be issuing a bulletin to states on or before the effective date of the rule that will address when the AMC Registry will be open to states and the reporting requirements related to the information that will be required to be submitted by states in order to register AMCs on the AMC Registry, along with the effective date for compliance.

For more information, the rule can be found here: https://www.federalregister.gov/documents/2017/09/25/2017-20400/collection-and-transmission-of-annual-amc-registry-fees.