Mortgages Analyzed
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Final Rule
Temporary Exceptions to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) Appraisal Requirements in Areas Affected by Severe Storms and Flooding Related to Hurricanes Harvey, Irma, and Maria
 
 
Document Citation:
82 FR 49089
Type:
Final Rule
Type Detail:
Final Rule
Publish Date:
Oct 24, 2017
Effective Date:
Oct 24, 2017
Source:
Source    Source
Document Citation:
82 FR 49089
Type:
Final Rule
Type Detail:
Final Rule
Publish Date:
Oct 24, 2017
Effective Date:
Oct 24, 2017
Source:
Source    Source
 

Section 2 of the Depository Institutions Disaster Relief Act of 1992 (DIDRA) authorizes the agencies to make exceptions to statutory and regulatory appraisal requirements under Title XI of FIRREA. The exceptions are available for transactions involving real property located within an area in a state or territory declared to be a major disaster by the President if the agencies determine, and describe by publication of a regulation or order, that the exceptions would facilitate recovery from the disaster and would be consistent with safety and soundness.

In this statement and order, the agencies exercise their authority to grant temporary exceptions to the FIRREA appraisal requirements for real estate-related financial transactions, provided certain criteria are met, in areas of Florida, Georgia, Puerto Rico, Texas, and the U.S. Virgin Islands that have been declared major disasters by President Trump as a result of the severe storms and flooding caused by Hurricanes Harvey, Irma, and Maria. The expiration date for the exceptions in each area is three years after the date the President declared the state or territory a major disaster.

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