§3350 — Title 12 Banks and Banking | U.S. Code

Summary

Defines key words used in the chapter. State appraiser certifying and licensing agency: a State agency set up under this chapter. Appraisal Subcommittee (or subcommittee): the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. Council: the Federal Financial Institutions Examination Council. Federally related transaction: a real estate financial deal that a federal financial regulator or the Resolution Trust Corporation is involved with and that needs an appraiser. Real estate-related financial transaction: any deal that buys, sells, leases, finances, refinances, or uses real property as loan security, including mortgage-backed securities. Federal financial institutions regulatory agencies: 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. Financial institution: an insured depository institution (see section 1813 of this title) or an insured credit union (see section 1752 of this title). Chairperson: the Chairperson of the Appraisal Subcommittee chosen by the Council. Appraisal Foundation (or Foundation): the nonprofit Appraisal Foundation created on November 30, 1987, under Illinois law. Written appraisal: a written value opinion for a federally related transaction, prepared independently by a licensed or certified appraiser, describing the property, stating value as of a date, and backing that opinion with market information. Appraisal management company: an outside third party, authorized by a creditor of a consumer loan secured by the consumer’s main home or by an underwriter/other principal in the secondary mortgage market, that oversees a network of more than 15 state appraisers or 25 or more nationwide in a year and that recruits, contracts with, manages, handles admin and payments for, or reviews appraisers.

Title 12, §3350

Banks and Banking — Source: USLM XML via OLRC

For purposes of this chapter:

(1)The term “State appraiser certifying and licensing agency” means a State agency established in compliance with this chapter.

(2)The terms “Appraisal Subcommittee” and “subcommittee” mean the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.

(3)The term “Council” means the Federal Financial Institutions Examinations Council.

(4)The 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)The 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)The 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)The 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)The term “Chairperson” means the Chairperson of the Appraisal Subcommittee selected by the Council.

(9)The 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)The 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)The 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.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Par. (6). Pub. L. 111–203, § 1473(t)(2), substituted “Corporation,” for “Corporations,”. Par. (8). Pub. L. 111–203, § 1473(t)(3), substituted “Council” for “council”. Par. (11). Pub. L. 111–203, § 1473(f)(4), added par. (11).

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the date on which final

Regulations

implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such

Regulations

have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.

§3350 Definitions

Summary

Title 12, §3350

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Regulations

Regulations

Citations & Metadata