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Appraisal Topics/Reports on GREAB Meetings 
The Georgia Real Estate Appraisers Board (GREAB) consists of the following five members:

Position Name Home Town Term Ends
Chair Charles B. Bramlett Monticello 07/2007
Vice Chair Sandra McAlister Winter Alpharetta 07/2008
Member D. Scott Murphy Suwanee 07/2011
Member William "Bill" R. Coleman Martinez 07/2010
Member Patricia K. Love Columbus 07/2009

The Real Estate Commissioner acts as the Board's Chief Executive Officer. This blog will provide comments on current appraisal topics and summaries of the Board's Monthly meetings for interested appraisers and members of the public.
Saturday, 22 November 2008

Federal financial regulatory agencies have proposed new interagency appraisal and evaluation guidelines that will affect both residential and commercial real estate appraisers.  The proposed guidelines are intended to clarify the agencies' real estate appraisal regulations and promote a safe and sound real estate collateral valuation program. 

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRS), Federal Deposit Insurance Corporation (FDIC), Office of Thrift Supervision (OTS), and National Credit Union Administration (NCUA) jointly published the guidelines on November 19, 2008. Interested parties may comment on the guidelines until January 20, 2009.

The guidelines will supersede the 1994 Interagency Appraisal Evaluation Guidelines, and incorporate subsequent revisions. The new rules will also reflect revisions to the Uniform Standards of Professional Appraisal Practice (USPAP) and the evolution of collateral valuation practices such as the use of automated valuation models (AVMs).

Highlights of the proposed changes include:

  • Emphasis on the importance of the independence of an institution's appraisal and evaluation program from influence by the loan production process or borrower,
  • Further clarification of minimum appraisal standards with discussion of the agencies' expectations for the content of appraisals that will satisfy those minimum standards,
  • Revisions to the requirements for appraisal development and reporting, and
  • Clarification on real estate-related financial transactions which are exempted from appraisal regulations.  

Read the proposed guidelines and send your comments on the new regulations to  regs.comments@occ.treas.gov - fax and mail alternatives are contained in the document.

Posted by: Dick Viti AT 02:23 pm   |  Permalink   |  0 Comments  |  Email
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