Regulatory Alerts2018-12-07 | 2018-26507Added
Real Estate Appraisals
The OCC, Board, and FDIC propose to increase the threshold for exempting residential real estate-related transactions from appraisal requirements from $250,000 to $400,000. Regulated institutions would be required to obtain evaluations consistent with safe and sound banking practices for transactions falling below this new threshold. The proposal also adds transactions secured by residential property in rural areas, exempted under the Economic Growth, Regulatory Relief and Consumer Protection Act, to the list of exempt transactions while requiring evaluations for them. Additionally, the agencies propose to amend regulations to require regulated institutions to subject appraisals for federally related transactions to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice.
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