Four federal regulatory agencies have issued a joint advisory
with two temporary options designed to help depository institutions and bank holding companies operating in areas with a limited availability of state-certified and -licensed appraisers.
The first option in the advisory allows appraisers credentialed in one state to provide their services on a temporary basis in another state experiencing a shortage of appraisers, subject to state law. The second option sets aside requirements relating to the certification or licensing of individuals to perform appraisals under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 in states or markets where certain conditions are met.
The agencies issuing the advisory are the Federal Deposit Insurance Corporation, the Federal Reserve, the National Credit Union Administration and the Office of the Comptroller of the Currency. The agencies specifically cited appraiser shortages in rural areas as being a primary driving force behind this advisory.