Sixteen organizations that represent the interests of the appraisal industry have sent a letter to the Federal Reserve, Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency requesting that the agencies hold a public meeting as part of the process to determine whether to increase the residential appraisal threshold from $250,000 to $400,000.
In the letter, the organizations point to the recently concluded Economic Growth and Regulatory Paperwork Reduction Act process's findings that no increase in the threshold was merited, driven in part by broad stakeholder opposition to such an increase.
Also, the organizations emphasize that rate increases and subsequent action by Congress has only reduced pressure on the demand for appraisal services, and that a public hearing would be useful for all parties to better understand the current rationale for the proposed increase.
"The impact of this proposal on homebuyers and the housing market is too great not to hear from a broad range of stakeholders across multiple forums,” said Robert Morrison, international president for the American Society of Appraisers, one of the trade groups that signed the letter. “We feel strongly that a hearing is not only appropriate but necessary for the agencies to have as complete a record as possible upon which to base their decision on regarding this proposal."
The following organizations were signatories to the letter:
American Society of Appraisers
American Society of Farm Managers and Rural Appraisers
MBREA |The Association for Valuation Professionals
American Guild of Appraisers, OPEIU, AFL-CIO
Appraisers' Coalition of Washington
California Coalition of Appraisal Professionals
Illinois Coalition of Appraisal Professionals
Louisiana Real Estate Appraiser Coalition
North Carolina Real Estate Appraiser Association
Northern Colorado Association of Real Estate Appraisers
North Dakota Appraiser Association
Ohio Coalition of Appraisal Professionals
RICS
Appraisal Institute
South Carolina Professional Appraisers Coalition
Tennessee Appraiser Coalition
Utah Coalition of Appraisal Professionals
