The Appraisal Institute on Feb. 19 received notice from the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency that a request for a hearing on the proposal to raise the residential appraisal threshold from $250,000 to $400,000 was denied. AI was one of six valuation organizations that submitted a letter Feb. 4 requesting the hearing. “After reviewing your letter and considering the discussion in our conference call, we do not believe that holding a public hearing would elicit relevant information that could not be conveyed through the comment process,” the agencies stated in their letter. “While the agencies are, therefore, declining your request for a public hearing, we will carefully consider your written comments.” The comment period closed Feb. 5. In addition to the Appraisal Institute, the letter requesting the hearing was signed by:
- American Guild of Appraisers, OPEIU, AFL-CIO;
- American Society of Appraisers;
- American Society of Farm Managers and Rural Appraisers;
- MBREA | The Association for Valuation Professionals; and
Read the original letter requesting the hearing.