The Office of the Comptroller of the Currency, the Federal Reserve Board and the FDIC updated answers to FAQs regarding appraisals and evaluations for real estate transactions covered by the interagency appraisal rules. FAQs on the appraisal regulations were last issued in 2005.
The updated FAQs address, among other things:
- regulatory and statutory requirements relating to appraisals and evaluations;
- the review of appraisals and evaluations by financial institutions;
- exemptions in the appraisal rule concerning an abundance of caution, the use of existing appraisals in subsequent transactions, and qualifying business loans;
- the development of appraisals and evaluations; and
- appraisal independence.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.