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Appraisal Standards Revisions to the Uniform Standards of Professional Appraisal Practice

Lending / Investments
June 23, 2006


Summary: The federal banking and thrift regulatory agencies are issuing the attached statement to alert regulated institutions that the Appraisal Standards Board has issued the 2006 version of the Uniform Standards of Professional Appraisal Practice (USPAP).

Highlights:
  • The agencies' appraisal regulations require that appraisals supporting federally related transactions adhere to USPAP.
  • The Appraisal Standards Board has adopted certain important revisions to USPAP, effective July 1, 2006, including a new Scope of Work Rule that sets standards for the determination and documentation of scope of research and analyses in appraisal assignments.
  • The agencies are issuing this statement to alert regulated institutions to the 2006 version of the USPAP and to distribute a frequently asked questions document containing common questions on these changes.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

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

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2006/index.html .

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

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 North Fairfax Drive, Room E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).


Additional Related Topics:

  • Part 323 - Appraisal Regulations
  • Interagency Appraisal and Evaluation Guidelines
Attachment(s)
"The 2006 Revisions to Uniform Standards of Professional Appraisal Practice"

Last Updated: June 23, 2006