Federal agencies responded to concerns about the shortage of state-certified and -licensed appraisers Wednesday, saying that financial institutions have two options to help ease the timely consideration of loan applications.
The agencies said the concerns about the availability of qualified appraisers, particularly in rural areas, were raised during the Economic Growth and Regulatory Paperwork Reduction Act review process.
The Financial Institutions Reform, Recovery and Enforcement Act requires appraisals for federally related transactions to be performed by people who meet state certification or licensing requirements.
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