Interagency FAQs on the Agencies’ Appraisal Regulations and Interagency Statement on Independence of Appraisal and Evaluation Functions
March 24, 2005
Circular No. 11692

To All State Member Banks, Bank Holding Companies and Others  
    Concerned in the Second Federal Reserve District:

A Federal Reserve supervisory letter (SR 05-5) dated March 22, 2005, announces that the federal banking agencies issued a Frequently Asked Questions (FAQs) document in response to questions from federally regulated institutions about the agencies’ real estate regulations.

The FAQs address common questions on the requirements of the appraisal regulations and the October 2003 Interagency Statement on Independence of Appraisal and Evaluation Functions. The FAQ topics include:

  • Selecting an appraiser
  • Ordering an appraisal
  • Accepting a transferred appraisal
  • Reviewing appraisals
  • Evaluation and other appraisal topics

FAQs document should be reviewed in conjunction with the agencies’ appraisal regulations dated October 27, 1994 and the joint statement dated October 28, 2003.

SR letter (05-5) OFFSITE 
FAQs on the Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions OFFSITE PDF
Independent Appraisal and Evaluation Functions OFFSITE 
Interagency Appraisal and Evaluation Guidelines OFFSITE 

Caroline T. Frawley
Vice President
Credit Risk Department

William L. Rutledge
Executive Vice President