TO THE OFFICER IN CHARGE OF
SUPERVISION AND APPROPRIATE SUPERVISORY AND EXAMINATION
STAFF AT EACH FEDERAL RESERVE BANK AND TO BANKING
ORGANIZATIONS SUPERVISED BY THE FEDERAL RESERVE
SUBJECT: Interagency
FAQs on the Agencies' Appraisal Regulations and Interagency
Statement on Independence of Appraisal and Evaluation
Functions
In response to questions from regulated institutions
about the agencies' real estate appraisal regulations,
the Federal Reserve and the other federal banking
agencies are issuing the attached Frequently Asked
Questions (FAQs) document. The FAQs address common
questions on the requirements of the appraisal regulations
and the October 2003 Interagency Statement on
Independence of Appraisal and Evaluation Functions.1
The FAQ topics include:
- Selecting an appraiser
- Ordering an appraisal
- Accepting a transferred appraisal
- Reviewing appraisals
- Evaluation and other appraisal topics
Reserve Banks are asked to provide a copy of this
letter and the FAQs to the state member banks and
bank holding companies in their districts and to appropriate
supervision staff. Questions concerning the Federal
Reserve's appraisal regulation and related guidance
should be directed to Ms. Virginia Gibbs,
Senior Supervisory Financial Analyst, at 202-452-2521.
Richard Spillenkothen
Director
- Attachment:
- Frequently Asked Questions on the
Appraisal Regulations and the Interagency Statement on Independent Appraisal
and Evaluation Functions (549 KB PDF)
- Cross References:
- SR letters 94-55
and 03-18
Notes:
- Regulated institutions
should refer to the Board's appraisal regulations
(12 CFR 208 subpart E and 12 CFR 225
subpart G) and related guidance, including:
SR letter 94-55, Interagency Appraisal
and Evaluation Guidelines – October 1994,
and SR letter 03-18, Interagency
Statement on Independent Appraisal and Evaluation
Functions. Return to text
