The Appraisal Subcommittee unanimously rejected a temporary waiver request from TriStar Bank of Dickson, Tennessee, during a special meeting April 23 in Washington. The Appraisal Institute led industry efforts opposing the bank’s request for a waiver of certification requirements, which would have allowed appraisals to be completed by non-certified appraisers.
The ASC board heard a summary of comments received during a 30-day public comment request published in the Federal Register and gave representatives from TriStar Bank the opportunity to address the board.
During deliberations, several ASC board members questioned the supporting documentation provided by the bank, including information on purported increases in turnaround times. The board did not see the nominal increased turnaround time as representing a scarcity of appraisers, especially considering comments submitted by local appraisers who had worked for the bank.
The ASC board offered to provide TriStar Bank with the names of local appraisers who expressed interest in working with the bank during the open comment period as the bank attempts to resolve ongoing operational issues.