Which entity is responsible for enforcing the appraisal standards set forth under Title XI of FIRREA?

The Appraisal Subcommittee (ASC) is the entity responsible for enforcing the appraisal standards set forth under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA). Title XI was established to ensure that appraisal practices meet specific standards that safeguard the public’s interests in real estate transactions, particularly those that involve federally related transactions.

The ASC oversees the implementation of the appraisal standards and is involved in the regulatory framework that governs how appraisals are conducted. This includes overseeing the licensing and certification of appraisers and enforcing compliance with both state and federal appraisal regulations. By doing so, the ASC aims to maintain the integrity of the appraisal process and protect consumers and financial institutions from potential fraud.

Other entities like the Federal Housing Administration, the Office of Federal Housing Enterprise Oversight, and the Environmental Protection Agency focus on different aspects of real estate and finance and do not have the specific mandate to enforce appraisal standards as defined by FIRREA.