15 Organizations Back Public Hearing on Increase in Residential Appraisal Threshold

RESTON, Va., Jan. 3, 2019 /PRNewswire/ -- The American Society of Appraisers (ASA), along with 15 additional organizations, sent a letter to the Federal Reserve, Federal Deposit Insurance Corporation, 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 (EGRPRA) process's findings that no increase in the threshold was merited, driven in part by broad stakeholder opposition to such an increase. In addition, the organizations emphasize that a change in market dynamics 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.

Robert B. Morrison, ASA, International President for ASA, added, "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. 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 also signatories to the letter: Appraisal Institute 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 South Carolina Professional Appraisers Coalition Tennessee Appraiser Coalition Utah Coalition of Appraisal Professionals

American Society of Appraisers

The American Society of Appraisers is a world renowned and respected international organization devoted to the appraisal profession. As the oldest and only major appraisal organization representing all appraisal specialists, ASA is devoted to providing the highest possible standards in all areas of ethics, professionalism, education and designation criteria. For more information about the American Society of Appraisers, the ASA designation program for appraisers or the Society's free "Find an Appraiser" Referral System, visit www.appraisers.org or call (800) 272-8258.

Press Contact: Todd Paradis [email protected] (703) 733-2124

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SOURCE American Society of Appraisers