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Federal Reserve Bank of Dallas R OB E RT D. McTEER, JR. DALLAS, TE X A S PR ES ID EN T 75265-5906 A N D C H IE F E X E C U T I V E O F F I C E R July 22, 1998 Notice 98-62 TO: The Chief Executive Officer of each financial institution and others concerned in the Eleventh Federal Reserve District SUBJECT National Registry of State Certified or Licensed Appraisers DETAILS The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) has announced an Internet-based service entitled National Registry o f State Certified or Licensed Appraisers (Registry). The Registry provides an up-to-date listing of statecertified or licensed real estate appraisers eligible to perform real estate appraisals for federally related transactions. The Internet address for the ASC’s Web site is <http://www.asc.gov>. ATTACHMENT A copy of the FFIEC’s advisory letter is attached. MORE INFORMATION For more information regarding the Web site or the Registry, please contact Ben Henson, the ASC’s executive director, at (202) 634-6520, or via E-mail at <firstname.lastname@example.org>. For additional copies of this Bank’s notice, contact the Public Affairs Department at (214) 922-5254. Sincerely yours, For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas: Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) □ □ □ □ □ □ Appraisal Subcommittee Federal Financial Institutions Examination Council June 16, 1998 PURPOSE The purpose of this advisory letter is to inform you of an Internet-based service entitled, the National Registry of State Certified or Licensed Appraisers (“Registry”). The Registry provides an up-to-date listing of State-certified or licensed real estate appraisers eligible to perform real estate appraisals for federally related transactions. The Registry will be updated at least monthly, based on information provided by each State and Territory. The Registry is maintained by the Federal Financial Institutions Examination Council’s (“FFIEC”) Appraisal Subcommittee (“ASC”). BACKGROUND Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended, and each of the Federal financial institutions regulatory agencies’ regulations require the use of State-certified or licensed real estate appraisers for federally related transactions. To be legally eligible to perform appraisals for federally related transactions, State-certified or licensed appraisers must be listed on the Registry. The ASC, among other things, oversees State appraiser certification and licensing programs. The ASC now has an Internet Web site on the World Wide Web that contains important information and services for your use, including an on line Registry. The Internet address for the Web site is http://www.asc.gov. Using the on-line Registry will enable you to obtain appraiser-related information almost immediately. You will be able to determine whether an appraiser is listed on the ASC’s Registry and, therefore, is eligible to perform appraisals in connection with federally related financial transactions. You also will be able to determine, among other things, in which States(s) an appraiser is certified or licensed, types of credentials held, certification/license issuance and expiration dates, address and telephone information, and whether the appraiser’s certificate or license has been revoked, surrendered in lieu of disciplinary action, or is currently suspended. The Registry is searchable on almost every Registry data element. The on-line Registry also has a “listserv” feature. This feature provides an automated, daily, e mail notification to you, as a subscriber, whenever an appraiser’s certification or license is revoked, suspended, voluntarily surrendered in lieu of discipline and when an appraiser’s certification or license on the Registry has expired. This service is free and can be obtained by subscribing. If you would like more information about the ASC’s Web site or the Registry, contact Ben Henson, the ASC’s executive director, at (202) 634-6520, or via Internet e-mail at benhl @asc.gov. 2 100 Pennsylvania Avenue, NW ♦ Suite 200 ♦ Washington, DC 20037 ♦ (2 0 2 )6 3 4 -6 5 2 0 ♦ Fax (202) 634-6555