Author: www.nar.realtor - Appraisal & Valuation

On October 11, 2019, NAR provided comments on the Appraisal Standards Board’s (ASB) concept paper reforming the evaluation standards in USPAP.

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively “the Agencies”) adopted a final rule increasing the threshold for requiring an appraisal in residential real estate transactions from $250,000 to $400,000.

The Foundation’s Appraisal Standards Board (ASB) is seeking input on whether USPAP should address standards for evaluations, and if so, how to differentiate that from appraisals.

The National Credit Union Administration (NCUA) Board a final rule increasing the threshold below which appraisals are not required for commercial real estate transactions from $250,000 to $1,000,000.

The Board of the Appraisal Subcommittee held a public meeting to determine action on a waiver of appraiser credentialing requirements for federally related transactions under $500,000 for 1-to-4 family residential real estate transactions and under $1,000,000 for agricultural and commercial real estate transactions throughout the State of North Dakota for a period of not less than five years.

The chair and co-chair of NAR’s Real Property Valuation Committee made a few remarks on video about NAR’s appraiser independence policy last week during the 2018 REALTORS® Legislative Meetings in Washington. 

Both the House and Senate are in session this week. What issues should REALTORS® follow? Terrorism Risk Insurance Program Reauthorization (NAR Statement); Unmanned Aircraft Systems Security; Collection of Beneficial Ownership Information (NAR Questions Likely); and Home Appraisal Industry (NAR Staff Attending).

Comments on the North Dakota’s request for a waiver of appraiser credentialing requirements must be received by the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) on or before July 1, 2019.

As of May 16, 2019, the Department of Veteran’s Affairs will require that the ordering of an appraisal related to the VA Home Loan program must have the Certificate of Eligibility (COE) be in  “Active or Pending” status.

With advancements in technology and the rise of big data, alternatives to the traditional appraisal field are beginning to become more prevalent in the U.S.