On October 16, 2018, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (the “Agencies”) issued the Frequently Asked Questions on appraisal and evaluation functions (“FAQs”). According to the Agencies, the FAQs do not introduce new policy or guidance, but assemble previously communicated policy and interpretations. However, it is not clear whether all of these policies have been previously communicated publicly in writing. The FAQs replace the previous FAQs on appraisal regulations issued in 2005.
Click here to read the newly issued FAQs on appraisal and evaluation functions.