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.
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).