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The Financial Institution's Reform, Recovery and Enforcement Act (FIRREA) has brought about several changes in bank regulations. One of the most important changes is the requirement that state licensed or certified appraisers who meet minimum qualifications must be used to appraise certain properties. The Appraisal Institute believes that lenders should use the most qualified appraisers whenever possible. Members of the Appraisal Institute are the most qualified appraisers available throughout the United States and its territories. Appraisers holding the SRA & MAI designations have met qualifications that surpass those required for licensing and certification. In fact, SRA's & MAI’s are among the most qualified appraisers in the U.S. Appraisal Institute members must abide by their state's rules and regulations, USPAP, and the additional requirements imposed by the Appraisal Institute on its members to maintain high ethical standards and competency levels. To be assured that you are using the most qualified and most competent appraisers available select an SRA or MAI for your real estate appraisal assignments. You can feel confident that you are using the best when you select a member of the Appraisal Institute. So why should you select a professionally designated Appraisal Institute member vs. a minimally certified appraiser? Attached is a chart , which further explains my Appraisal Institute designation and how it compares to that of a state regulated appraiser. Look at the qualifications, and then decide... Comparison of Minimum State Certified Qualification Vs. Appraisal Institute Designation
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