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Financial Institution Letter
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FIL-62-2018, Appraisal Regulations: Frequently Asked Questions
 
 
Type:
Notice
Type Detail:
Financial Institution Letter
Publish Date:
Oct 16, 2018
Effective Date:
Oct 16, 2018
Source:
Source   
Type:
Notice
Type Detail:
Financial Institution Letter
Publish Date:
Oct 16, 2018
Effective Date:
Oct 16, 2018
Source:
Source   
 

The federal banking agencies (the Agencies) are issuing the attached Frequently Asked Questions (FAQs) on appraisal and evaluation functions. This document was developed in response to recent questions about the agencies' real estate appraisal regulations and guidelines and replaces previous FAQs on the appraisal regulations issued in 2005.

HIGHLIGHTS:

- The Agencies are issuing these FAQs in response to questions raised regarding the Agencies' appraisal regulations and guidance.

- These FAQs do not introduce new policy or guidance, but assemble previously communicated policy and interpretations.

- These FAQs should be reviewed in conjunction with the FDIC's appraisal regulations, the real estate lending standards, the Interagency Appraisal and Evaluation Guidelines, the Interagency Advisory on the Use of Evaluations in Real Estate-Related Financial Transactions, and other regulations and advisories related to appraisals and evaluations.

- The Agencies previously issued FAQs on appraisals and evaluations on March 22, 2005. With the issuance of these FAQs, the Agencies have incorporated the 2005 FAQs that remain relevant and are not directly addressed by the Interagency Appraisal and Evaluation Guidelines into these updated FAQs. The 2005 FAQs are hereby rescinded (FIL-20-2005 will be archived to inactive status).

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