Implementation Status and Unresolved Issues
GGD-93-19: Published: Oct 30, 1992. Publicly Released: Nov 30, 1992.
Pursuant to a congressional request, GAO reviewed the implementation of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
GAO found that: (1) positive strides have been made at the federal and state levels to implement Title XI by the December 31, 1992, deadline; (2) all 50 states, the District of Columbia, and most U.S. territories have developed and implemented programs for licensing and certifying appraisers involved in federal transactions; (3) as of September 1992, over 59,000 appraisers nationwide had been state-licensed or -certified; (4) each of the federal financial institutions regulatory agencies and the Resolution Trust Corporation have issued revised appraisal regulations and changed their thresholds for requiring a state-licensed or -certified appraiser to $100,000; and (5) several issues remain unresolved, including appraiser availability and appraisal cost, the appropriate de minimis threshold, standards for evaluating real estate-related financial transactions under the de minimis threshold, and state enforcement of appraisal standards.