The Appraisal Institute has put out legislative action link that will let you communicate with your representatives on the federal level. Follow the link to make your voice heard
The Federal bank regulatory agencies have proposed to increase the residential appraisal threshold level from $250,000 to $400,000, exempting nearly three quarters of residential real estate related financial transactions from appraisal requirements.
In 2017, the exact same proposal was evaluated and answered as part of the federally mandated EGRPRA (regulatory relief) process – a process that encompassed four different notice and comment periods and six public hearings. From that process, the same agencies decided it “would not be appropriate” to increase the threshold from $250,000 based on safety and soundness and consumer protection considerations.
Now, in an apparent attempt to pacify rural community banks, the agencies will increase the threshold unless they hear convincing comments and evidence from stakeholders, including consumers and appraisers. Standing unified in opposition to the proposal, a coalition of nationally recognized professional appraisal organizations will be submitting comments on the proposal. These organizations encourage all appraisers to do the same by the February 5th comment deadline.
To comment, simply fill in the boxes below, and hit submit. Then, a page will be displayed with talking points provided for you. Feel free to edit them, and/or add personal anecdotes, observations, and evidentiary materials as you see fit.
Read the Federal Banking Agencies’ proposed rule.