WASHINGTON— Federal regulators on Tuesday offered the answers to frequently asked questions on appraisal regulations, seeking to clarify any confusion surrounding them.
The Federal Reserve Board, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. answered 23 questions, including what types of transactions require an appraisal, how to document the validity of an existing appraisal and what information should be contained in an evaluation.
The questions are categorized into four sections: appraisal and evaluation programs, appraisal exemptions, appraisals and evaluations and independence.
The FAQs do not issue new policies, but instead present previous communicated policy and interpretations, the agencies said in a release. Banks are encouraged to review the FAQs in conjunction with the existing appraisal regulations.
These questions and answers replace previously issued FAQs on the same subject from 2005.
