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Appraisals

Proposed Interagency Appraisal and Evaluation Guidelines

  • Agencies Issue Proposal on Appraisals for Higher-Risk Mortgages, Final Rule: February 13, 2013
  • ABA Comments to CFPB on ECOA Amendments Concerning Appraisals, October 15, 2012
  • ABA Staff Analysis: Interagency Appraisal Guidelines, January 3, 2011
  • Fannie Mae Appraiser Independence Requirements FAQs, November 2010
  • ABA Staff Analysis: Appraisal Independence Rules, November 1, 2010
    The Federal Reserve on October 18, 2010 issued an interim final rule under the Dodd-Frank Act that is intended to ensure that real estate appraisers can use their independent judgment in assigning home values. The rule also includes several provisions designed to protect the integrity of the appraisal process when a consumer's home is securing the loan. The rule prohibits coercion and similar actions designed to cause appraisers to base the appraised value of properties on factors other than their independent judgment, and prohibits creditors from extending credit based on appraisals if they know beforehand about violations involving appraiser coercion or conflicts of interest. Finally, the rule requires the payment of reasonable and customary compensation to appraisers. The rule is effective April 1, 2011. These new rules will serve to sunset the Home Valuation Code of Conduct.  (Under Section 129E(j) of TILA, the HVCC will have no force or effect on the date that the Board's interim final regulation is promulgated.) 
  • Issued in November 2008, the proposed guidance would replace the 1994 Interagency Appraisal and Evaluation Guidelines to incorporate recent supervisory issuances and reflect changes in industry practice, uniform appraisal standards, and available technologies. As with prior issuances, the proposed guidance would apply to all real estate lending functions within a federal financial institution, including commercial and residential lending departments, capital market groups, and asset securitization and sales units. Click here to access the proposal. See the Final Guidance issued on December 10, 2010.

Uniform Standards of Professional Appraisal Practice

The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States. USPAP is updated every two years so that appraisers have the information they need to deliver unbiased and thoughtful opinions of value. The most current edition of the USPAP, along with Q&A and more information on the Appraisal Standards Board (ASB), can be found on The Appraisal Foundation's website or www.uspap.org.


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Questions? Please contact Sharon Whitaker for more information.