Number: RS22953
Title: Regulation of Real Estate Appraisers and the "Cuomo Agreements"
Authors: Edward Vincent Murphy, Government and Finance Division 
Abstract: Falling house prices and rising foreclosures in the subprime and Alt-A mortgage markets have led some to question the effectiveness of the current regulation of real estate appraisers. The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examinations Council (FFIEC) oversees the state licensing and certification of real estate appraisers. The ASC also oversees the issuance of the Uniform Standards of Professional Appraisal Practice (USPAP) by the Appraisal Foundation. The ASC has limited enforcement powers over state boards that do not comply. The recently passed housing bill (H.R. 3221, P.L. 110-289) included language similar to an appraisal reform bill, H.R. 3837, that makes it unlawful to improperly influence real estate appraisals.
Pages: 5
Date: September 17, 2008