A banking institution in Tennessee has requested that the Appraisal Subcommittee (ASC) temporarily waive the requirement for use of state licensed or certified appraisers as authorized under Title XI. TriStar’s request for a temporary waiver of appraisals for 2018 is based on an unsubstantiated claim that there is a shortage of appraisers to do their work in Metro-Davidson County (Nashville), Williamson County (Franklin, Brentwood), Maury and Dickson Counties.
If granted, the requirement to use a certified or licensed appraiser on FRTs would be waived for all regulated institutions engaging in FRTs in the affected geographic area, regardless of who initially requested the waiver.
The ASC is encouraging input from the appraiser community as they consider these requests.
Please voice your opposition to the waiver which will expose the institution, its depositors, shareholders and the taxpayer to unacceptable levels of risk.