(a) Staff appraisers. If
an appraisal is prepared by a staff appraiser, that appraiser must
be independent of the lending, investment, and collection functions
and not involved, except as an appraiser, in the federally related
transaction, and have no direct or indirect interest, financial or
otherwise, in the property. If the only qualified persons available
to perform an appraisal are involved in the lending, investment, or
collection functions of the regulated institution, the regulated institution
shall take appropriate steps to ensure that the appraisers exercise
independent judgment and that the appraisal is adequate. Such steps
include, but are not limited to, prohibiting an individual from performing
appraisals in connection with federally related transactions in which
the appraiser is otherwise involved and prohibiting directors and
officers from participating in any vote or approval involving assets
on which they performed an appraisal.
4-054.2
(b) Fee appraisers.
(1) If an appraisal is prepared by a fee appraiser, the appraiser
shall be engaged directly by the regulated institution or its agent,
and have no direct or indirect interest, financial or otherwise, in
the property or transaction.
(2)
A regulated institution also may accept an appraisal that was prepared
by an appraiser engaged directly by another financial-services institution
if—
(i) the appraiser
has no direct or indirect interest, financial or otherwise, in the property
or the transaction; and
(ii)
the regulated institution determines that the appraisal conforms to
the requirements of this subpart and is otherwise acceptable.
