Regulatory Alerts2020-10-16 | 2020-21563Added · Updated
Real Estate Appraisals
The OCC, Federal Reserve Board, and FDIC adopted a final rule temporarily deferring appraisal and evaluation requirements for up to 120 days following the closing of eligible residential and commercial real estate transactions. Effective through December 31, 2020, this deferral excludes acquisition, development, and construction loans to mitigate heightened risks while enabling regulated institutions to rapidly extend liquidity during the COVID-19 pandemic. Institutions must still make best efforts to estimate collateral value before closing and underwrite loans consistent with established safety and soundness standards.
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