The FDIC, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (the Agencies) are jointly issuing a notice of proposed rulemaking titled Real Estate Appraisals (Appraisal NPR), which will be published in the Federal Register for a 60-day comment period. The Appraisal NPR proposes to increase the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. Evaluations would be required for transactions exem... Read More
The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (referred to as the 'agencies') are issuing the attached Frequently Asked Questions on the Appraisal Regulations and the Interagency Appraisal and Evaluation Guidelines to clarify certain aspects of the agencies' appraisal regulations and to consolidate some of the interagency frequently asked questions (FAQs) from a previous release issued in 2005.
In response to questions receiv... Read More
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) are publishing answers to frequently asked questions (FAQ) concerning appraisals and evaluations for real estate transactions that are covered by the interagency appraisal rules (12 CFR 34, subpart C). These FAQs clarify existing regulatory requirements and guidance provided in the 2010 Interagency Appraisal and Eval... Read More
The federal banking agencies (the Agencies) are issuing the attached Frequently Asked Questions (FAQs) on appraisal and evaluation functions. This document was developed in response to recent questions about the agencies' real estate appraisal regulations and guidelines and replaces previous FAQs on the appraisal regulations issued in 2005.
- The Agencies are issuing these FAQs in response to questions raised regarding the Agencies' appraisal regulations and guidance.
- Thes... Read More
The Office of the Comptroller of the Currency (OCC) today issued the updated1 “Other Real Estate Owned” booklet of the Comptroller’s Handbook, which provides guidance to examiners on banks’ acquisition, reporting, management, and disposition of other real estate owned (OREO). The updated booklet includes accounting changes for foreclosed property under contract, in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification Subtopic 360-20, Subtopic 610... Read More
The Office of the Comptroller of the Currency has adopted a final rule to increase the appraisal threshold for commercial real estate (CRE) transactions from $250,000 to $500,000. This threshold increase means that transactions at or below this level do not require appraisals that conform to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and the interagency appraisal rules. The final rule also makes amendments to the appraisal rules to reflect the higher CRE... Read More
The FDIC, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (the Agencies) jointly issued an amended rule titled Real Estate Appraisals (Appraisal Rule), which will be published in the Federal Register. The Appraisal Rule increases the current appraisal threshold for commercial real estate (CRE) transactions from $250,000 to $500,000. The Appraisal Rule addresses comments received during the Economic Growth and Regulatory Paperwork Reduction ... Read More
The Federal Reserve and the other federal financial institutions regulatory agencies, in consultation with the Conference of State Bank Supervisors, have issued the attached examiner guidance to highlight the supervisory practices to be followed after a major disaster. The supervisory approach described in the guidance provides examiners flexibility to conduct supervisory activities and formulate their supervisory responses, considering the issues confronting institutions affected by a major dis... Read More
The FDIC is providing flexibility relative to appraisal requirements for real estate-related transactions in areas declared a major disaster in Florida, Georgia, Puerto Rico, Texas, and the U.S. Virgin Islands due to severe storms and flooding related to Hurricanes Harvey, Irma, and Maria. The flexibilities may be exercised by any institution underwriting a real estate-related transaction in these areas.
The FDIC is facilitating the recovery process in areas declared to be major... Read More
The Federal Reserve and the other federal financial institutions regulatory agencies have granted exceptions to their appraisal regulations to regulated financial institutions regarding their financing of real estate secured transactions in counties and territories declared major disaster areas due to storms and flooding caused by Hurricanes Harvey, Irma, and Maria. The exceptions are expected to reduce loan processing times and therefore may assist institutions in responding to the financial ne... Read More