The Appraisal Institute and American Society of Farm Managers and Rural Appraisers this week expressed support of the goals of House Resolution 3461, the Financial Institutions Examination Fairness and Reform Act (bank examiner bill).
The two appraisal organizations submitted a statement for the official record of the Feb. 1 House Financial Services Committee hearing on H.R. 3461, The Appraisal Institute and ASFMRA promoted consistency of bank examinations and due process, and any efforts that would enhance consistency in the interpretation and understanding of the guidelines and regulations.
Bank appraisal departments and individual appraisers have often faced inconsistent interpretations of the Interagency Appraisal and Evaluation Guidelines and other applicable guidelines, such as the Policy Statement on Prudent Commercial Real Estate Loan Workouts. The Appraisal Institute also supports due process and an administrative appeals program in connection with disputes regarding valuation or appraisal methodology. [Read more…]