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As of January 31, 2023, there are 4840 open recommendations that still need to be addressed. 470 of these are priority recommendations, those that we believe warrant priority attention. Learn more about our priority designation on our Recommendations page.

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Real Estate Appraisals: Most Residential Mortgages Received Appraisals, but Waiver Procedures Need to Be Better Defined

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1 Open Recommendations
Agency Recommendation Status
Appraisal Subcommittee The Chairman of ASC should define appraiser scarcity and significant delay, so that these conditions can be consistently measured, and establish standards to objectively determine whether these conditions exist. These actions could be taken by revising regulations or by developing other procedures. (Recommendation 1)
Open – Partially Addressed

In October 2022, the Appraisal Subcommittee (ASC) issued a final rule to amend its procedures governing temporary waiver proceedings and include definitions for the terms "appraisal scarcity" and "significant delay." In its proposed rule, ASC defined scarcity and delay, but two commenters noted that the two definitions lacked the specificity needed to be consistently measured or objectively determined as we recommended. In its final rule release, ASC noted it considered the comments and determined that more precise definitions would limit ASC's flexibility in making waiver determinations. We

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