(a) Requirements in providing services. To provide appraisal management
services for a creditor or secondary mortgage market participant relating
to a covered transaction, a Federally regulated AMC must comply with
the requirements in section 225.193(b)(2) through (5).
(b) Ownership limitations.
(1) A Federally regulated
AMC shall not be included on the AMC National Registry if such AMC,
in whole or in part, directly or indirectly, is owned by any person
who has had an appraiser license or certificate refused, denied, cancelled,
surrendered in lieu of revocation, or revoked in any State for
a substantive cause, as determined by the ASC.
(2) A Federally regulated
AMC is not barred by this paragraph (b) from being included on the
AMC National Registry if the license or certificate of the appraiser
with an ownership interest was not revoked for a substantive cause
and has been reinstated by the State or States in which the appraiser
was licensed or certified.
(c) Reporting information for the AMC National Registry. A Federally regulated AMC must report to the State or States in
which it operates the information required to be submitted by the
State to the Appraisal Subcommittee pursuant to the Appraisal Subcommittee’s
policies regarding the determination of the AMC National Registry
fee, including but not necessarily limited to the collection of information
related to the limitations set forth in this section.
