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Dec 06, 2010
Categories: Home-Secured Lending Consumer Lending

Appraisals

Posted by Anthony Demangone

Last week, all of the federal financial regulators, including NCUA, issued final appraisal and evaluation guidelines.   These guidelines replace the 1994 guidelines, and they represent the most up-to-date regulator expectations in this area. (Keep in mind though, that the new guidelines do not replace the 2005 Interagency FAQs on Residential Tract Development Lending and the 2005 Frequently Asked Questions on the Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions.)

These documents usually look scarier than they really are.  The total document is 70 pages in length, but the first 15 pages are made up of historical texts, reactions to comments, etc.  The new guidelines start on page 16.  They did a nice job of organizing the guidelines, including a handy-dandy table of contents.  

So, when you do appraisal related research, here appears to be the universe of available regulatory "stuff."

  1. NCUA's appraisal regulation. 
  2. The new guidelines, which will eventually be published in The Federal Register.
  3. The 2005 Interagency FAQs on Residential Tract Development Lending.
  4. 2005 Frequently Asked Questions on the Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions
  5. There's also the recent interim final rule that amends Regulation Z concerning appraisals. 

I think that's more than enough appraisal information for a Monday.

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