{"identifier":"/us/usc/t12/s3350","title":12,"num":"\u00a7\u202f3350.","heading":"Definitions","text":"\u00a7\u202f3350.\nDefinitions\nFor purposes of this chapter:\n(1)\nState appraiser certifying and licensing agency\nThe term \u201cState appraiser certifying and licensing agency\u201d means a State agency established in compliance with this chapter.\n(2)\nAppraisal Subcommittee; subcommittee\nThe terms \u201cAppraisal Subcommittee\u201d and \u201csubcommittee\u201d mean the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.\n(3)\nCouncil\nThe term \u201cCouncil\u201d means the Federal Financial Institutions Examinations Council.\n(4)\nFederally related transaction\nThe term \u201cfederally related transaction\u201d means any real estate-related financial transaction which\u2014\n(A) a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates; and\n(B) requires the services of an appraiser.\n(5)\nReal estate related financial transaction\nThe term \u201creal estate-related financial transaction\u201d means any transaction involving\u2014\n(A) the sale, lease, purchase, investment in or exchange of real property, including interests in property, or the financing thereof;\n(B) the refinancing of real property or interests in real property; and\n(C) the use of real property or interests in property as security for a loan or investment, including mortgage-backed securities.\n(6)\nFederal financial institutions regulatory agencies\nThe term \u201cFederal financial institutions regulatory agencies\u201d 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.\n(7)\nFinancial institution\nThe term \u201cfinancial institution\u201d means an insured depository institution as defined in\nsection 1813 of this title\nsection 1752 of this title\n(8)\nChairperson\nThe term \u201cChairperson\u201d means the Chairperson of the Appraisal Subcommittee selected by the Council.\n(9)\nFoundation\nThe terms \u201cAppraisal Foundation\u201d and \u201cFoundation\u201d means the Appraisal Foundation established on\nNovember 30, 1987\n(10)\nWritten appraisal\nThe term \u201cwritten appraisal\u201d 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.\n(11)\nAppraisal management company\nThe term \u201cappraisal management company\u201d 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\u2019s 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\u2014\n(A) to recruit, select, and retain appraisers;\n(B) to contract with licensed and certified appraisers to perform appraisal assignments;\n(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\n(D) to review and verify the work of appraisers.","url":"https://projectusc.org/usc/t12/s3350.html","content":[{"t":"sec","id":"/us/usc/t12/s3350","children":[{"t":"num","text":"\u00a7\u202f3350."},{"t":"heading","text":"Definitions","tail":"\n"},{"t":"chapeau","text":"For purposes of this chapter:"},{"t":"para","id":"/us/usc/t12/s3350/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"State appraiser certifying and licensing agency"},{"t":"content","children":[{"t":"p","text":"The term \u201cState appraiser certifying and licensing agency\u201d means a State agency established in compliance with this chapter.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3350/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Appraisal Subcommittee; subcommittee"},{"t":"content","children":[{"t":"p","text":"The terms \u201cAppraisal Subcommittee\u201d and \u201csubcommittee\u201d mean the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3350/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Council"},{"t":"content","children":[{"t":"p","text":"The term \u201cCouncil\u201d means the Federal Financial Institutions Examinations Council.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3350/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Federally related transaction"},{"t":"chapeau","text":"The term \u201cfederally related transaction\u201d means any real estate-related financial transaction which\u2014"},{"t":"subpara","id":"/us/usc/t12/s3350/4/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3350/4/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" requires the services of an appraiser.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3350/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Real estate related financial transaction"},{"t":"chapeau","text":"The term \u201creal estate-related financial transaction\u201d means any transaction involving\u2014"},{"t":"subpara","id":"/us/usc/t12/s3350/5/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" the sale, lease, purchase, investment in or exchange of real property, including interests in property, or the financing thereof;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3350/5/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the refinancing of real property or interests in real property; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3350/5/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" the use of real property or interests in property as security for a loan or investment, including mortgage-backed securities.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3350/6","children":[{"t":"num","text":"(6)"},{"t":"heading","text":"Federal financial institutions regulatory agencies"},{"t":"content","children":[{"t":"p","text":"The term \u201cFederal financial institutions regulatory agencies\u201d 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3350/7","children":[{"t":"num","text":"(7)"},{"t":"heading","text":"Financial institution"},{"t":"content","children":[{"t":"p","text":"The term \u201cfinancial institution\u201d means an insured depository institution as defined in ","children":[{"t":"ref","text":"section 1813 of this title","href":"/us/usc/t12/s1813","tail":" or an insured credit union as defined in "},{"t":"ref","text":"section 1752 of this title","href":"/us/usc/t12/s1752","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3350/8","children":[{"t":"num","text":"(8)"},{"t":"heading","text":"Chairperson"},{"t":"content","children":[{"t":"p","text":"The term \u201cChairperson\u201d means the Chairperson of the Appraisal Subcommittee selected by the Council.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3350/9","children":[{"t":"num","text":"(9)"},{"t":"heading","text":"Foundation"},{"t":"content","children":[{"t":"p","text":"The terms \u201cAppraisal Foundation\u201d and \u201cFoundation\u201d means the Appraisal Foundation established on ","children":[{"t":"text","text":"November 30, 1987","tail":", as a not for profit corporation under the laws of Illinois."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3350/10","children":[{"t":"num","text":"(10)"},{"t":"heading","text":"Written appraisal"},{"t":"content","children":[{"t":"p","text":"The term \u201cwritten appraisal\u201d 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3350/11","children":[{"t":"num","text":"(11)"},{"t":"heading","text":"Appraisal management company"},{"t":"chapeau","text":"The term \u201cappraisal management company\u201d 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\u2019s 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\u2014"},{"t":"subpara","id":"/us/usc/t12/s3350/11/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" to recruit, select, and retain appraisers;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3350/11/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" to contract with licensed and certified appraisers to perform appraisal assignments;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3350/11/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" 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","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3350/11/D","children":[{"t":"num","text":"(D)"},{"t":"content","text":" to review and verify the work of appraisers.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}