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appraisal guidelines 2019

Dated at Washington, DC, on August 20, 2019. The authority citation for part 323 continues to read as follows: Authority: This commenter also questioned whether the cost and time to receive an appraisal were burdensome, as its survey reflected that appraisals represented less than 0.2 percent of the total transaction cost and that the typical wait time for an appraisal in 2018 was only 7 days. HB-1-3555 12-2 3550 and HB-1-3550 Chapter 5, for additional information regarding rural area designations. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (Title XI) requires the Agencies to adopt regulations prescribing standards for appraisals used in connection with federally related transactions within the jurisdiction of each agency, and that they be performed by certified or licensed appraisers. documents in the last year, 1450 documents in the last year, 302 A number of commenters disputed that there are appraiser shortages warranting regulatory relief outside of Start Printed Page 53591rural areas, with some offering supporting data from the Appraisal Subcommittee of the Federal Financial Institutions Examination Council and the Appraisal Foundation. Consumer Protection Considerations. For transactions exempted by the $400,000 threshold, the Appraisal Rule requires an evaluation. The agencies also recognize that Congress recently amended Title XI to provide a narrow, self-effectuating appraisal exemption for rural transactions meeting certain requirements. conferences and events. 1691(e)). Some of these commenters cited alternative sources for fee data, including several state-specific studies. In addition, the proposed rule would have required evaluations for transactions that are exempt from the agencies' appraisal requirement under the rural residential appraisal exemption under section 103 of EGRRCPA. Moreover, although limited in scope, the higher-priced mortgage loan rule (HPML rule),[70] 1639h. Under this requirement, AMCs must register with the state or states in which they do business and must be subject to state supervision. The agencies have found that both appraisals and evaluations prepared properly can be credible tools to support real estate lending decisions. The agency’s action brings its appraisal threshold in line with federal bank regulators. The agencies encourage regulated institutions to review their existing appraisal review policies and incorporate additional procedures for subjecting appraisals for federally related transactions to appropriate review for compliance with USPAP, as needed. Based on supervisory experience and available data, the agencies published the proposed rule to accomplish these goals without posing a threat to the safety and soundness of financial institutions. Some commenters asserted that the threshold should vary based on market values in specific geographic areas, and that a national threshold level is inappropriate given differences in property values across the country. 1813(q)(2). See 78 FR 10368-01, 10370 (December 26, 2013). A residential property that sold for $250,000 as of June 30, 1994, would be expected to sell in March 2019 for $643,750 according to the Case-Shiller Index and $621,448 according to the FHFA Index (see Table 1 below). See OCC: 12 CFR 34.43(b); Board: 12 CFR 225.63(b); FDIC: 12 CFR 323.3(b). In order to fulfill the agencies' statutory responsibility under the Dodd-Frank Act, the agencies are also adding to the appraisal regulations a requirement that appraisals be subject to appropriate review for compliance with USPAP. For residential real estate transactions exempted from the appraisal requirement as a result of the revised threshold, regulated institutions must obtain an evaluation of the real property collateral that is consistent with safe and sound banking practices.

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