Real Estate Insights: Appraiser Trends

In recent years, NAR has heard concerns regarding a perceived shortage in appraisers, long turnaround times for appraisals, higher and/or rush fees in certain areas, and difficulty in bringing new appraisers into the profession. Earlier this year, NAR released the Appraiser Trends Study. Ken Fears talks with us about the survey’s findings in this episode. 

Original Source

Appraisal Exemption in Disaster Areas

Federal agencies announced they have eased Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) appraisal requirements for areas of Florida, Georgia, Puerto Rico, Texas, and the U.S. Virgin Islands that have been declared major disaster areas by President Trump due to Hurricanes Harvey, Irma, and Maria.

Original Source

NAR Comments on Commercial Appraisals

NAR sent a comment letter to Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System (collectively the Federal Banking Agencies) supporting a proposed increase to the appraisal threshold for commercial real estate Federally Related Transactions from $250,000 to $400,000.

Original Source