Federal Agencies Offer Guidance on Appraisals and Evaluations (Notes AND ISSUES‪)‬

In December 2010, the five federal banking authority agencies--the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision, and the National Credit Union Administration (NCUA)--issued the Interagency Appraisal and Evaluation Guidelines (Guidelines). The new Guidelines update and replace the agencies' existing guidelines on real estate appraisals and evaluations used to support real estate-related financial transactions. They provide federally regulated institutions and examiners with clarifications on the agencies' expectations for "prudent appraisal and evaluation policies, procedures, and practices." (1) Background