Relief Regarding Shortage of Appraisers

8/8/2017 - By Sarah Oliver, CRCM

Sometimes I don’t know if I’m the only one to get the news or the last to get it. I like to think of it as the art of juggling. In my defense this has been sitting in a ‘to read’ pile for months, but still in my peripheral vision. 

Basically, the federal banking agencies and the NCUA provided options to address the shortage of state certified and licensed appraisers, specifically for lenders operating in rural areas. 

Option 1: Temporary Practice Permits – Would allow state certified or licensed appraisers to temporarily provide their services in states where they are not certified or licensed (subject to state’s laws). Appraisers must apply to the relevant state appraiser regulatory agency for a temporary practice permit. The certifying or licensing agency is not allowed to impose excessive fees or burdensome requirements for such permit.

Option 2: Temporary Waivers – Grants temporary waivers of requirement relating to certification or licensing of appraisers in states or geographic political subdivisions of states where there is a shortage of appraisers. And, this shortage is leading to significant delays in obtaining appraisals in connection with federally related transactions. Requests can be submitted to the Appraisal Subcommittee (ASC) of the FFIEC by appraisers, licensing agencies, regulatory agencies, financial institutions, or other persons or institutions with a demonstrable interest. This is not a quick process however as the ASC is required to issue public notice in the Federal Register granting a 30 day comment period followed by 15 days to issue a decision. The decision is further subject to approval by the FFIEC. The great news, is that the waiver would apply to financial institutions throughout the entire affected area.

Have you hugged an appraiser today (at arm’s length and with impartiality)?

*Interagency Advisory on the Availability of Appraisers - May 31, 2017 (FRB, FDIC, NCUA, and OCC) Click here for copy

About the Author | Sarah Oliver, CRCM

Sarah is a consultant in the Financial Institutions Advisory Group of Saltmarsh, Cleaveland & Gund.  Her primary areas of expertise include providing compliance reviews, assisting with special research matters and consulting on deposit and lending related regulations as well as social media approaches for financial institutions. 

View Full Bio


Past Posts

Saltmarsh CPA - Who We Are

Who We Are

Our professionals have the depth of experience, industry knowledge and worldwide resources to help you reach your goals. We put your success above all else as your trusted advisor.

Saltmarsh CPA - What We Do

What We Do

Saltmarsh offers a full range of professional services to accommodate your needs – from tax planning and accounting services to information technology and employee benefits consulting.

Saltmarsh CPA - Who We Serve

Who We Serve

Saltmarsh serves individuals and businesses. Personal attention, access to the right professionals and rapid response is how we serve.

Contact Us

FORT WALTON BEACH
(850) 243-6713

ORLANDO
(407) 203-8990

ST. PETERSBURG
(727) 821-9200

NASHVILLE
(615) 661-0885

PENSACOLA
(850) 435-8300

TAMPA
(813) 287-1111

info@saltmarshcpa.com
(800) 477-7458

Stay Connected

Sign up to receive updates and important information from Saltmarsh!