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Financial Institution Letter
Appraisal Regulations Frequently Asked Questions
March 22, 2005
Notes
 


Summary: The federal banking, thrift and credit union regulatory agencies are issuing the attached frequently asked questions and interagency statement on independent appraisal and evaluation functions. This document was developed in response to questions from financial institutions about the agencies’ real estate appraisal regulations.

Highlights:

The attached document addresses common questions about the requirements of the appraisal regulations, including:

  • Selecting an appraiser,
  • Ordering an appraisal,
  • Accepting a transferred appraisal,
  • Reviewing appraisals, and
  • Evaluation and other appraisal topics.

It should be reviewed in conjunction with the following interagency documents, which were issued with FIL-84-2003, dated October 28, 2003:

  • Independent Appraisal and Evaluation Functions (2003) , and
  • Interagency Appraisal and Evaluation Guidelines (1994) .
FIL-84-2003 can be found on the FDIC’s Web site at http://www.fdic.gov/news/inactive-financial-institution-letters/2003/fil0384.html .

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
Compliance Officer
Chief Lending Officer
Chief Appraiser
Legal Counsel

Frequently Asked Questions on the Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions - PDF 32k ( PDF Help )

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2005/index.html .

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html .

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200).


Additional Related Topics:

  • FDIC Deposit Insurance Regulations
  • Part 323 – Appraisal Regulations
FIL-20-2005
Attachments
Frequently Asked Questions on the Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions
Last Updated: March 22, 2005