What is the significance of the Appraisal Subcommittee?

The Appraisal Subcommittee (ASC) plays a vital role in the regulation and oversight of the appraisal industry in the United States. One of its primary responsibilities is to empower state agencies, ensuring that they have the necessary tools, guidance, and support to maintain and enhance the quality of appraisals conducted within their jurisdictions. This support is essential for promoting uniformity and adherence to appraisal standards across the states, which helps to protect consumers and maintain the integrity of the real estate market.

By focusing on the empowerment of state agencies, the ASC aids in the establishment of a competent appraisal workforce and the enforcement of standards that ensure appraisers are well-trained and operating within the boundaries of national regulations. This, in turn, leads to higher quality appraisals, which is crucial for lending institutions, home buyers, and the overall economy.

While efficiency and appraisal standards are important, they are not the primary focus of the ASC. The committee's main objective revolves around state agency support and oversight rather than the direct creation of new standards or assessments of financial losses in the industry.