News / Articles

Federal banking agencies issue final rule to exempt commercial real estate transactions of $500,000 or less from appraisal requirements

The ASC has published Notice of Received Request for a Temporary Waiver; Request for Comments (Notice) in the March 9th issue of the Federal Register.

The Appraisal Institute, the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers, the Collateral Risk Network, the National Association of Appraisers, the National Association of Independent Fee Appraisers, and 17 state appraiser coalitions have joined together to sign a letter in opposition to the request by TriStar Bank of Dickson, TN to obtain a waiver from the Appraisal Subcommittee to allow for the use of non-certified appraisers for loans made for federally-related transactions.

TriStar Bank, a Tennessee community bank, submitted a request to the Appraisal Subcommittee (ASC) for a temporary waiver of appraisals for 2018. This waiver would apply to all property types. The request is based on a reported shortage of appraisers resulting in increased fees and reduced turn times on appraisals.

WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX) today outlined reforms to fix America’s broken housing finance system.

During a speech at a conference on the future of the U.S. housing market, Chairman Hensarling said he would work on a bipartisan basis to come up with a reform package provided it included certain key principles. He also pointed to a proposal authored by Ed DeMarco, the former acting director of the Federal Housing Finance Agency, and Michael Bright, currently the executive vice president at Ginnie Mae, as a way to move housing finance reform forward.

A community bank in Tennessee has submitted a request to the Appraisal Subcommittee seeking a one-year waiver from appraisal regulation requirements to use a certified appraiser, the Appraisal Institute learned Nov. 29. If the waiver is approved, it would apply to all institutions, not just the requesting organization.

Letter to TAC members and all Tennessee appraisers concerning the recent request by TriStar Bank of Dickson, TN for a waiver of the requirement to use state certified appraisers for federally-related loan transactions. The waiver request would apply to loans in the entire Nashville MSA for the year 2018.

Early Saturday morning, the U.S. Senate, by a vote of 51-49, passed legislation that would change the face of homeownership in this country for decades to come.

VaCAP summarizes important information from the recent meetings in Washington DC. These included the FHFA meeting, the NSAO meeting, the ASC meeting, and the AARO conference.

The comment period on the proposed rule to increase the commercial real estate appraisal threshold level closed Sept. 28, and the federal bank regulatory agencies received 70 comments. The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers jointly submitted their opposition to the proposed increase.

On September 6, 2017 a broad coalition of 35 national and state organizations of real estate appraisers, including the Appraisal Institute, wrote to both the Senate Banking Committee and House Financial Services Committee raising concerns over the new appraisal waiver programs implemented by Fannie Mae and Freddie Mac.

The Louisiana Appraiser Board expresses strong disagreement with legal complaint filed by the FTC on 05/31/2017

The Federal Trade Commission has filed a complaint against the Louisiana Real Estate Appraisers Board, alleging that the group is unreasonably restraining price competition for appraisal services in Louisiana, contrary to federal antitrust law. The complaint will be submitted to adjudication before an Administrative Law Judge, who will review it and render an initial decision.

On April 28, Tennessee Gov. Bill Haslam signed into law HB 376 that will establish a new statute of limitations regarding civil lawsuits and disciplinary actions against real estate appraisers.