Resources for State Appraiser Regulatory Agencies
Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) requires each Agency to prescribe appropriate standards for the performance of real estate appraisals in connection with “federally related transactions,” which are defined as those real estate-related financial transactions that an Agency engages in, contracts for, or regulates and that require the services of an appraiser. These rules must require, at a minimum, that real estate appraisals be performed in accordance with generally accepted uniform appraisal standards as evidenced by the appraisal standards promulgated by the Appraisal Standards Board of The Appraisal Foundation (Appraisal Standards Board), and that such appraisals be in writing. Such appraisals are to be performed by an individual whose competency has been demonstrated and whose professional conduct is subject to effective State supervision. An Agency may require compliance with additional appraisal standards if it makes a determination that such additional standards are required in order to properly carry out its statutory responsibilities. Each of the Agencies has adopted additional appraisal guidelines.
The OCC, FRB, FDIC, and NCUA (Agencies) jointly issued Interagency Appraisal and Evaluation Guidelines (Guidelines) that clarify the Agencies' long-standing expectations for an Institution's appraisal and evaluation program (75 Federal Register 77450, December 10, 2010). These guidelines address the Agencies' expectations for an institution's collateral valuation function, including independence in the appraisal and evaluation functions, minimum appraisal standards for federally related financial transactions, the development and content of evaluations, appraisals for residential tract development lending, and background on the USPAP. There is also a discussion on the conditions under which a federally regulated financial institution's real estate-related transactions might be exempted from the Agencies' appraisal regulations. Under the Agencies' appraisal regulations, regulated institutions must ensure that appraisals supporting federally related transactions adhere to USPAP.
The Agencies have also issued other guidance documents related to appraisal requirements at federally regulated financial institutions.
Below are a few helpful real estate appraisal related links:
Appraisal Foundation
USPAP
Course Approval Program
AQB Criteria
International Distance Education Certification Center
Association of Appraiser Regulatory Officials
Housing and Urban Development / Federal Housing Administration
ASC Policy Statements
State Agency Directory
State Agency Directory.
Find State or Territory information such as Website, E-mail, Mailing Address and Phone number.
Helpful Documents For Regulators
Find documents and information, including ASC staff guidance in particular areas, concerning Compliance Reviews.