The Appraisal Institute has joined a coalition of more than 20 real estate industry organizations opposed to TriStar Bank’s request for a temporary waiver from appraiser certification requirements.
In a Feb. 13 letter to the Appraisal Subcommittee, the coalition urged that the request be rejected for not satisfying the requirements established under ASC regulations, pointing out that, contrary to TriStar’s initial letter, there is a healthy supply of commercial appraisers throughout Tennessee, including in the four counties cited in the bank’s letter.
Separately, the coalition in a Feb. 8 letter urged the ASC to provide greater transparency in this matter by publishing the TriStar Bank response letter that elaborates on its initial request.
The Appraisal Subcommittee board is scheduled to be briefed on the request at its Feb. 14 meeting. No action is expected at this meeting; however, the ASC board could elect to hold a special meeting before its next scheduled board meeting to consider whether to send out the bank’s request for a 30-day public comment period. Should the ASC choose to do so, it would have 15 days to take any action — including the option to take no action.