Financial Institution Letter
Advisory on the Availability of Appraisers
FIL-19-2016
5/31/2017
Summary:
The FDIC, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the National Credit Union Administration (collectively, the Agencies) are issuing an advisory that discusses two existing methods that may address any appraiser shortages: temporary practice permits and temporary waivers. The advisory addresses concerns raised pursuant to the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) review process regarding the timeliness of appraisals, due largely to what financial industry commenters believe to be problems with the availability of certified and licensed appraisers, particularly in rural areas.
Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised institutions.
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