3rd December 2018

New Industry Killer – 90% of residential transactions will no longer need an appraisal

You may have heard that the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation recently announced a proposal to increase the threshold above which an appraisal is not required from the current $250,000 to $400,000 for residential mortgage transactions. Since Congress enacted Title XI of FIRREA in 1989 the Federal Financial Institution Regulatory Agencies have systematically carved out exemptions for the requirement of appraisals to the point that, with the current proposal, over 90 percent of residential mortgage transactions will not need an appraisal. This is a major concern to all of us in the appraisal profession.

Trunion is part of the Industry Advisory Council for the Appraisal Foundation. David Bunton, the President of the Appraisal Foundation has asked us to share these documents with all interested parties. Click the links below.

Push to Cut Back on Home Appraisals Sparks Controversy – Chicago Tribune

Plan to Reduce Human Appraisals May Lead to ‘Wildly Inaccurate’ Estimates

~ Note from Bryan @ Appraiser Income, we need to get involved, please send emails!!!!! I have included the emails below:

Please send comments:

ADDRESSES: Interested parties are encouraged to submit written comments jointly to all of the agencies. Commenters should use the title “Real Estate Appraisals” to facilitate the organization and distribution of comments among the agencies. Interested parties are invited to
submit written comments to the emails below.

Please use the subject title “Docket ID OCC-2018-0038 and RIN 3064-AE87 – Real Estate Appraisals” to facilitate the organization and distribution of the comments.

E-mail: regs.comments@occ.treas.gov . Include in subject line: “Docket ID OCC-2018-0038 and RIN 3064-AE87 – Real Estate Appraisals”
E-mail: regs.comments@federalreserve.gov . Include in subject line: “Docket ID OCC-2018-0038 and RIN 3064-AE87 – Real Estate Appraisals”
E-mail: Comments@FDIC.gov . Include in subject line: “Docket ID OCC-2018-0038 and RIN 3064-AE87 – Real Estate Appraisals”

you can cut and paste all of them below:

regs.comments@occ.treas.gov,regs.comments@federalreserve.gov,Comments@FDIC.gov

subject line: Docket ID OCC-2018-0038 and RIN 3064-AE87 – Real Estate Appraisals

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