12 USC 3350 - Definitions

U.S Code last checked for updates: May 03, 2024

§ 3350.

Definitions

For purposes of this chapter:

(1)

State appraiser certifying and licensing agency

(2)

Appraisal Subcommittee; subcommittee

(3)

Council

(4)

Federally related transaction

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)

Real estate related financial transaction

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)

Federal financial institutions regulatory agencies

(7)

Financial institution

(8)

Chairperson

(9)

Foundation

(10)

Written appraisal

(11)

Appraisal management company

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.

(Pub. L. 101–73, title XI, § 1121, Aug. 9, 1989, 103 Stat. 517; Pub. L. 111–203, title XIV, § 1473(f)(4), (t)(2), (3), July 21, 2010, 124 Stat. 2193, 2199.)

cite as: 12 USC 3350