April 23, 2018
Appraisal Waiver Request Denied by
Good news - As
per Bill Garber, Director of Government and External Relations for the
Appraisal Institute, the Appraisal Subcommittee (ASC) rejected TriStar
Bank's temporary appraisal waiver request on April 23, 2018.
As per Mr.
Garber, at least two ASC board members spoke to the point that the
turnaround time saved as a result of granting the request was too small to
justify it. In addition, a sizeable group of Tennessee appraisers called
into question some of the data provided to justify the waiver. The same
Tennessee appraisers expressed a willingness to work with TriStar to
improve turnaround time.
Society was among a group of Appraisal Organizations who also voiced
opposition to the request.
April 1, 2018
TriStar Bank Requests ASC to Consider Appraisal Waivers in Rural
A lot has been happening since our last
In November 2017 Tristar Bank requested that the Appraisal
Subcommittee (ASC) consider exempting their bank from
existing appraisals requirements under Section 103 of S.2155
due to a shortage of appraisers in rural areas.
In December, 2017 Fannie Mae implemented its Property Inspection Waiver (PIW),
offered through its Desktop Underwriter program, for certain
refinance loans. The PIW offer, issued through Fannie Mae’s
Collateral Underwriter (CU) on loans that are found to have
a qualifying risk score, will give lenders more freedom from
representations and warranties, according to Fannie Mae.
On March 12, 2018
a Coalition of Appraiser Groups (including Columbia Society)
sent a letter to the Committee on Banking, Housing and Urban
Affairs opposing the Appraisal Waiver bill.
On March 14, 2018 the Senate passed the Appraisal Waiver bill.
It now sits in the House for further review.
On March 16, 2018
The Appraisal Foundation sent a letter similar to the one
sent by the Coalition to the ASC.
Click on the links below to read the letters.
Letter from Coalition of
Appraiser Groups to Committee on Banking, Housing and Urban Affairs
Letter from The Appraisal Foundation to ASC