Compliance Resource training manuals are designed to be used when conducting in-house training, whether initial training upon implementation of the new requirement, periodic training for new team members or remedial training for longer-term team members. The Handling Appraiser Shortages training manual provides a summary review of the requirements of the Interagency Appraisal and Evaluation Guidelines issued in 2010 and the most recent Interagency Advisory on how to address appraiser shortages in your area.
This manual covers:
- The requirements of the Appraisal Subcommittee Policy Statement for temporary practice permits.
- The requirements established under the Interagency Appraisal and Evaluation Guidelines;
- The options available to the financial institution in areas where there is a shortage of appraisers – Temporary Practice Permits and Temporary Waivers;
- The concern of whether temporary waivers may be utilized on transactions considered Higher Priced Mortgage Loan (HPML) which require an appraisal to be completed by a certified or licensed appraiser;
- Additional guidance under Interagency Appraisal Procedures for temporary waiver requests; and