Federal Banking Agencies Remind Banks of Appraisal Waiver Process

June 2, 2017 at 3:33 pm

Written by: Jennifer Salisbury

On Wednesday, federal banking agencies issued a reminder of two approaches financial institutions can use to ease the shortage of qualified appraisers that is slowing down closing times. First, temporary practice permits allow state-certified or licensed appraisers to provide services in other states.  Second, a financial institution may qualify for a temporary waiver of the requirement to use a state-certified or licensed appraiser if the institution faces documented scarcity of appraisers that has led to “significant delays” in appraisers on federally related transactions in a specific geographic area.  For more information, click here to view the ABA Banking Journal article discussing this topic.

Entry filed under: Financial Institutions, Uncategorized.

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