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Highlights:
The proposed Guidelines are intended to update, clarify and replace the existing guidance, particularly in the following areas:
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Independence of the appraisal and evaluation program;
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Minimum appraisal standards;
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Content of real estate evaluations;
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Review standards for appraisals and evaluations, including the use of automated tools or sampling methods;
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Portfolio monitoring and collateral valuation updates; and
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Appraisal exemptions, and evaluation alternatives.
Attached is the Federal Register notice containing the proposed Guidelines. Comments are due on January 20, 2009. Comments may be submitted according to the instructions in the attachment or by e-mailing Comments@fdic.gov and including "Proposed Interagency Appraisal and Evaluation Guidelines" in the subject line of the message.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
Chief Executive Officer
Chief Credit Officer
Related Topics:
Part 323 - Appraisals
Part 365 – Real Estate Lending Standards
FIL 84-2003 - Appraiser Independence/Independent Appraisal and Evaluation Functions
FIL 20-2005 - Appraisal Regulations Frequently Asked Questions
FIL 45-2005 - Home Equity Lending: Credit Risk Management Guidance
FIL 90-2005 - Residential Tract Development Lending Frequently Asked Questions
FIL 53-2006 - Appraisal Standards: Revisions to the Uniform Standards of Professional Appraisal Practice
Attachment:
Proposed Interagency Appraisal and Evaluation Guidelines - PDF (PDF Help)
Contact:
Beverlea Gardner, Senior Examination Specialist, at (202) 898-3640 or bgardner@fdic.gov
Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2008/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 via the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002,
Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).
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