Mortgages Analyzed
 
Final Rule
Real Estate Appraisals
 
 
Document Citation:
83 FR 15019
Type:
Final Rule
Type Detail:
Final Rule
Publish Date:
Apr 09, 2018
Effective Date:
Apr 09, 2018
Source:
Source    Source
Document Citation:
83 FR 15019
Type:
Final Rule
Type Detail:
Final Rule
Publish Date:
Apr 09, 2018
Effective Date:
Apr 09, 2018
Source:
Source    Source
 

The OCC, Board, and FDIC (collectively, the agencies) are adopting a final rule to amend the agencies' regulations requiring appraisals of real estate for certain transactions. The final rule increases the threshold level at or below which appraisals are not required for commercial real estate transactions from $250,000 to $500,000. The final rule defines commercial real estate transaction as a real estate-related financial transaction that is not secured by a single 1-to-4 family residential property. It excludes all transactions secured by a single 1-to-4 family residential property, and thus construction loans secured by a single 1-to-4 family residential property are excluded. For commercial real estate transactions exempted from the appraisal requirement as a result of the revised threshold, regulated institutions must obtain an evaluation of the real property collateral that is consistent with safe and sound banking practices.

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83 FR 15019
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