On July 19, 2017, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking to raise the threshold for commercial real estate transactions requiring an appraisal to $400,000. This proposed rule is an effort by the agencies to address concerns about time and cost burdens related to real estate transactions without compromising the safety and soundness of financial […]
Category: Appraisals
CALLING ALL APPRAISERS!
Since December 2010, financial institutions have had to maintain strict requirements to ensure a safe and sound program for performing appraisals and evaluations for real-estate related transactions, as required by the Interagency Appraisal and Evaluation Guidelines. Limited exceptions for appraisals were required under the Guidelines, requiring banks to request more appraisals than ever before and maintain stringent requirements in the ordering of those appraisals. Since 2010, appraisals for real-estate related transactions have dramatically increased while […]
REVISED HPML APPRAISAL RULES
On December 12, 2013 the Federal Reserve Board, The Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency jointly published a final rule that creates exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The exemptions are intended to save borrowers time and money while still ensuring that the loans are financially sound. […]
PROPOSED REVISIONS TO HIGHER-PRICED MORTGAGE LOAN APPRAISAL RULES
Recently the Board of Governors of the Federal Reserve System; Bureau of Consumer Financial Protection; Federal Deposit Insurance Corporation; Federal Housing Finance Agency; National Credit Union Administration; and Office of the Comptroller of the Currency (collectively, the Agencies). proposed additional changes to the Higher-Priced Mortgage Loan appraisal rules that were published January 18, 2013. The comment period for the proposal ends on September 9, 2013. The January Rule requires creditors to obtain an appraisal or […]