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#998293 - 07/17/08 07:31 PM Where are appraisal standards?
P*Q Offline

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I found some language in FIRREA, language that states if a loan is under $250,000 we don't have to do a formal appraisal. Still mentions the need to do an "evaluation" in accordance with S & S guidelines. What constitutes an evaluation?? Anyone got a cite? Thanks!

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#998310 - 07/17/08 07:38 PM Re: Where are appraisal standards? P*Q
CSB98 Offline
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Look at this FRB memo. If you scroll down it will show you what content an evaluation should have. FRB Memo

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#998351 - 07/17/08 07:58 PM Re: Where are appraisal standards? CSB98
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Thanks. I did see something similar on the FDIC website and it's dated 1994. I thought a few years ago they came out with updated guidance and it specifically mentioned that tax assessments may not be used as an evaluation tool.

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#998420 - 07/17/08 08:54 PM Re: Where are appraisal standards? P*Q
Dan Persfull Offline
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#998427 - 07/17/08 09:00 PM Re: Where are appraisal standards? Dan Persfull
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That's what I was looking for.Thanks so much!

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#1777683 - 01/17/13 10:05 PM Restricted Use Appraisals? P*Q
dconsigli Offline
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Is a Restricted Use Appraisal superior to a Valuation as a form of due diligence?

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#1777692 - 01/17/13 10:13 PM Re: Restricted Use Appraisals? P*Q
rlcarey Online
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From the Nov 2010 interagency appraisal guidance:

Restricted Use Appraisal Report – According to USPAP Standards Rule 2-2(c), a restricted use appraisal report briefly states information significant to solve the appraisal problem as well as a reference to the existence of specific work-file information in support of the appraiser’s opinions and conclusions. The Agencies believe that the restricted use appraisal report will not be appropriate to underwrite a significant number of federally related transactions due to the lack of supporting information and analysis in the appraisal report. However, it may be appropriate to use this type of appraisal report for ongoing collateral monitoring of an institution’s real estate transactions and other purposes.
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#1777728 - 01/17/13 11:24 PM Re: Restricted Use Appraisals? P*Q
HRH Okie Banker Offline
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From the Nov 2010 interagency appraisal guidance you should review:

http://www.fdic.gov/news/news/financial/2010/fil10082a.pdf

XI. Transactions That Require Evaluations
XII. Evaluation Development
XIII. Evaluation Content
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