February 27, 2019
No Hearing on Residential Appraisal Threshold Increase
The Appraisal Institute on Feb. 19 received notice from the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency that a request for a hearing on the proposal to raise the residential appraisal threshold from $250,000 to $400,000 was denied.
AI was one of six valuation organizations that submitted a letter Feb. 4 requesting the hearing.
“After reviewing your letter and considering the discussion in our conference call, we do not believe that holding a public hearing would elicit relevant information that could not be conveyed through the comment process,” the agencies stated in their letter. “While the agencies are, therefore, declining your request for a public hearing, we will carefully consider your written comments.”
The comment period closed Feb. 5.
In addition to the Appraisal Institute, the letter requesting the hearing was signed by:
American Guild of Appraisers, OPEIU, AFL-CIO;
American Society of Appraisers;
American Society of Farm Managers and Rural Appraisers;
MBREA | The Association for Valuation Professionals; and