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April 23, 2018

TriStar's Appraisal Waiver Request Denied by ASC


Good news - As per Bill Garber, Director of Government and External Relations for the Appraisal Institute, the Appraisal Subcommittee (ASC) rejected TriStar Bank's temporary appraisal waiver request on April 23, 2018.


As per Mr. Garber, at least two ASC board members spoke to the point that the turnaround time saved as a result of granting the request was too small to justify it. In addition, a sizeable group of Tennessee appraisers called into question some of the data provided to justify the waiver. The same Tennessee appraisers expressed a willingness to work with TriStar to improve turnaround time.


The Columbia Society was among a group of Appraisal Organizations who also voiced opposition to the request.



April 1, 2018

TriStar Bank Requests ASC to Consider Appraisal Waivers in Rural Markets


A lot has been happening since our last communication. 



In November 2017 Tristar Bank requested that the Appraisal Subcommittee (ASC) consider exempting their bank from existing appraisals requirements under Section 103 of S.2155 due to a shortage of appraisers in rural areas.



In December, 2017 Fannie Mae implemented its Property Inspection Waiver (PIW), offered through its Desktop Underwriter program, for certain refinance loans. The PIW offer, issued through Fannie Mae’s Collateral Underwriter (CU) on loans that are found to have a qualifying risk score, will give lenders more freedom from representations and warranties, according to Fannie Mae.



On March 12, 2018 a Coalition of Appraiser Groups (including Columbia Society) sent a letter to the Committee on Banking, Housing and Urban Affairs opposing the Appraisal Waiver bill.



On March 14, 2018 the Senate passed the Appraisal Waiver bill. It now sits in the House for further review.



On March 16, 2018 The Appraisal Foundation sent a letter similar to the one sent by the Coalition to the ASC.

Where do you stand on these issues? Let us know.  Contact Linda@columbiasociety.org and voice your opinion.

Click on the links below to read the letters.

Letter from Coalition of Appraiser Groups to Committee on Banking, Housing and Urban Affairs

Letter from The Appraisal Foundation to ASC




Read News Prior to 2018




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