Regulatory Alerts2020-04-17 | 2020-08216Real Estate Appraisals
The Office of the Comptroller of the Currency, Federal Reserve Board, and FDIC have issued an interim final rule deferring federal appraisal and evaluation requirements for certain residential and commercial real estate transactions. Regulated institutions may delay obtaining a formal appraisal or evaluation for up to 120 days after loan closing, excluding acquisition, development, and construction loans, while maintaining underwriting standards consistent with safety and soundness principles. This temporary relief, effective from April 17 through December 31, 2020, enables financial institutions to rapidly extend credit and liquidity to households and businesses amid COVID-19 economic strains.
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