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 
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 or call (800) 272-8258.

Press Contact: 
Todd Paradis 
(703) 733-2124

SOURCE American Society of Appraisers

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