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June 07, 2017

Banking Agencies Address Availability of Rural Appraisers

The federal banking agencies on May 31 released an interagency advisory that outlines ways to address a shortage of appraisers working in rural areas. The advisory is in response to concerns expressed by community banks and other financial institutions about the difficultly they have had finding appraisers to complete rural assignments.

The two options listed in the advisory – issued by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency – have always been available, so there is no new policy being established.

Option 1: Temporary practice permits that allow appraisers credentialed in one state to provide services on a temporary basis in another state experiencing an appraiser shortage, subject to state law. The advisory also discusses reciprocity, in which one state allows appraisers who are certified or licensed in another state to obtain certification or licensing without having to meet all certification or licensing standards in the reciprocal state.

Option 2: Temporary waivers that set aside requirements relating to the certification or licensing of individuals to perform appraisals under Title XI of FIRREA in states or geographic political subdivisions where certain conditions are met. Temporary waivers may be granted when there is a scarcity of state-certified or state-licensed appraisers leading to significant delays in obtaining an appraisal.

Appraisal Institute research shows the number of appraisers obtaining licenses in more than one state increased from 16 percent in 2006 to 21 percent last year.

 

View a copy of the Interagency Advisory.


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