For release at 11:00 a.m. EDT 3 Refer to 12 USC 3353, “Appraisal Management Company Minimum Requirements,” and 12 CFR 34, subpart H, “Appraisal Management Company Minimum Requirements.” “States” is defined as the 50 states and the District of Columbia and the territories of Guam, Mariana Islands, Puerto Rico, and the U.S. Virgin Islands. This consolidates previously issued regs and guidelines into one document: Letter FIL-62-2018; Part 323 – Appraisals; Appraisal and Evaluation Guidelines Office of the Comptroller of the Currency. FDIC’s New Mortgage Appraisal Rule Ignores Lessons of Great Recession August 20, 2019 by Press Release Subscribe to our RSS feed to get the latest realty news. § 390.440 - § 390.446 – FDIC – Appraisal Requirements (formerly OTS requirements) Establishes the appraisal requirements for federally related transactions made by institutions regulated by the FDIC that were formally regulated by the Office of Thrift Supervision The OCC, Federal Reserve Board, and FDIC (collectively, the agencies) have adopted a final rule (effective April 9, 2018) to amend the agencies' regulations requiring appraisals of real estate for certain transactions. This development brings the … Continue reading → September 27, 2019. Appraisal Review. OCC Bulletin 2019-45, Appraisals for Residential Real Estate Transactions: Final Rule Explains that the OCC has adopted a final rule to increase appraisal threshold for residential real estate transactions (residential transactions) from $250,000 to $400,000. Board of Governors of the Federal Reserve System. The agency’s action brings its appraisal threshold in line with federal bank regulators. There are several proposals and final rules that will change the thresholds as to when an appraisal is needed on real estate-secured loans. OCC: FAQs on the Appraisal Regulations and the Interagency Appraisal and Evaluation Guidelines (10/16/2018) FDIC: Interagency Guidelines (4/20/2014) IBAT’s Appraisal Toolkit IBAT’s Legal Ease Archive on Appraisals, click here. OCC Bulletin 2019-43, Appraisals: Appraisal Management Company Registration Requirements There is a mandate that all appraisals be reviewed prior to the final credit decision. The U.S. Small Business Administration just announced an important change to its 7(a) and 504 loan program appraisal requirements, effective March 26, 2019. Federal Deposit Insurance Corporation. The prudential regulators have proposed increasing the threshold for a required appraisal on residential home loans from $250,000 to $400,000. Agencies issue final rule to exempt residential real estate transactions of $400,000 or less from appraisal requirements. Appraisal regulations. 12 C.F.R. Beginning Oct. 9, 2019, certain home sales of $400,000 and under will no longer require an appraisal. The Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter to US banks on 10/16/18, which incorporates Appraisal and Evaluation regulations and guidelines. When is an appraisal required? Under previous rules that have been in place since 1994, appraisals were not …