Regulatory Agencies Issue Final Appraisal and Real Estate Evaluation Guidelines

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Following an extended period of public comment, federal regulators (The Agencies) have issued final Interagency Appraisal and Evaluation Guidelines for real estate appraisals and evaluations used in financial transactions. The guidelines replace the 1994 version developed under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 and the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA.) The latter required that each regulated institution adopt and maintain written real estate lending policies that are consistent with safety and soundness. The new guidelines emphasize the importance of institutions maintaining strong internal controls to ensure reliable appraisals and evaluations. Institutions also are responsible for monitoring and periodically...(read more)

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Source: www.mortgagenewsdaily.com

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