From Washington, D.C. to each state capitol, over the past decade REVAA has been actively engaged on the important issues related to the residential property valuation industry. Our members seek a marketplace that balances reasonable regulation and the ability to provide diverse real estate valuation products and tools that serve the needs of consumers, lenders and appraisers.
REVAA is an important resource to federal and state regulators and policymakers. We cover topics pertaining to appraisal management companies (AMCs) and the valuation of residential property. We actively monitor public policy, build strategic relationships and advocate for priority appraisal and valuation related issues. Our collaborative and forward thinking approach has helped REVAA establish a successful track record and earn a well-respected reputation among policy makers and key stakeholder groups.
In today’s highly regulated landscape, we also help our members remain compliant with state and federal requirements through education, training and acting as an advocate for issues that impact residential property valuation.
From a public policy perspective, each state is going to be looking closely at licensing AMCs over the next 36 months. In 2010, Dodd-Frank mandated the Federal Financial Institutions Regulatory Agencies (Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, Federal Reserve, National Credit Union Administration, Federal Housing Finance Agency and the Federal Deposit Insurance Corporation) to create, and the Appraisal Subcommittee to oversee, minimum standards for state registration and supervision of AMCs.
The now final federal interagency AMC rules were published in the Federal Register in June 2015 and became effective on August 10, 2015. Currently, 40 states license AMCs and will need to bring their regulatory scheme in compliance with the federal minimum. The remaining 10 states without an AMC licensing program, if they choose, need to set up a compliant regulatory system by August 2018.