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Financial Institution Letters

Appraisal Regulations
Frequently Asked Questions
FIL-20-2005
March 22, 2005


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 agenciesí 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 FDICís Web site at http://www.fdic.gov/news/news/financial/2003/fil0384.html.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

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

Related Topics:
FDIC Deposit Insurance Regulations
Part 323 Ė Appraisal Regulations

Attachment:
Frequently Asked Questions on the Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions

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

Contact:
Examination Specialist James Leitner at jleitner@fdic.gov or 202-898-6790.

Printable Format:
FIL-20-2005 - PDF 28k (PDF Help)

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



Last Updated 03/22/2005 communications@fdic.gov