Seal of the Board of Governors of the Federal Reserve System
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C.  20551
DIVISION OF BANKING
SUPERVISION AND REGULATION
SR 05-5
March 22, 2005

TO THE OFFICER IN CHARGE OF SUPERVISION AND APPROPRIATE SUPERVISORY AND EXAMINATION STAFF AT EACH FEDERAL RESERVE BANK AND TO BANKING ORGANIZATIONS SUPERVISED BY THE FEDERAL RESERVE
SUBJECT:  Interagency FAQs on the Agencies' Appraisal Regulations and Interagency Statement on Independence of Appraisal and Evaluation Functions

In response to questions from regulated institutions about the agencies' real estate appraisal regulations, the Federal Reserve and the other federal banking agencies are issuing the attached Frequently Asked Questions (FAQs) document. The FAQs address common questions on the requirements of the appraisal regulations and the October 2003 Interagency Statement on Independence of Appraisal and Evaluation Functions.1 The FAQ topics include:

Reserve Banks are asked to provide a copy of this letter and the FAQs to the state member banks and bank holding companies in their districts and to appropriate supervision staff. Questions concerning the Federal Reserve's appraisal regulation and related guidance should be directed to Ms. Virginia Gibbs, Senior Supervisory Financial Analyst, at 202-452-2521.

Richard Spillenkothen
Director


Attachment:
Frequently Asked Questions on the Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions (549 KB PDF)
Cross References:
SR letters 94-55 and 03-18
Notes:
  1. Regulated institutions should refer to the Board's appraisal regulations (12 CFR 208 subpart E and 12 CFR 225 subpart G) and related guidance, including: SR letter 94-55, Interagency Appraisal and Evaluation Guidelines – October 1994, (http://www.federalreserve.gov/boarddocs/SRLETTERS/1994/SR9455.HTM) and SR letter 03-18, Interagency Statement on Independent Appraisal and Evaluation Functions, (http://www.federalreserve.gov/boarddocs/SRLETTERS/2003/sr0318.htm).  Return to text
SR letters | 2005
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