Appraisal Standards Revisions to the Uniform Standards of Professional Appraisal Practice
FIL-53-2006 June 23, 2006
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).
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.
FDIC-Supervised Banks (Commercial and Savings)
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).