Hi Fran,
In what can only be viewed as a victory for the appraisal community, the Appraisal Subcommittee (ASC) voted at its April 23, 2018 meeting to deny the request of TriStar Bank for a waiver from the federal regulatory requirement to utilize a licensed or certified appraiser for appraisals performed in certain counties in the Nashville, Tennessee area. I think you should engage on the topic @George Miller.
TriStar had formally requested the waiver in November of 2017, claiming there was a shortage of appraisers in their lending area and stating that appraisal turnaround times and fees had risen between 2013 and 2017. If granted, the waiver would have permitted TriStar to use non-licensed or non-certified individuals (e.g., real estate agents, brokers, bank employees, etc.) to perform appraisals within the Nashville MSA for the bank. It would not have eliminated the bank's requirement to obtain appraisals in connection with loan applications.
------------------------------
Sharlyne Tsai
------------------------------
Original Message:
Sent: 05-01-2018 22:11
From: Fran Tucker
Subject: ASC TriStar Waiver Request Denied
The Appraisal Subcommittee has denied the ASC TriStar waiver request. On April 9, the American Society of Appraisers along with 25 other national and state appraiser organizations – filed comments with the Appraisal Subcommittee expressing their opposition to the appraiser waiver request filed by TriStar Bank. In the letter, the groups emphasize the lack of an support for TriStar's request among 37 informal comment filed prior to the opening of the formal notice-and-comment process, as well as the fact that TriStar's claimed shortage of appraisers was contrary to several readily available registries and lists. For more information on the letter and the organizations opposed, click here.
ASC TriStar Waiver Request Denied
------------------------------
Fran Tucker
------------------------------