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FR
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2020-10-16
article
Real Estate Appraisals
Rules and Regulations
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D09002ee1bdb35d17
United States
Department of the Treasury
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org
United States Government Agency or Subagency
United States
Office of the Comptroller of the Currency
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United States Government Agency or Subagency
United States
Federal Reserve System
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United States Government Agency or Subagency
United States
Federal Deposit Insurance Corporation
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United States Government Agency or Subagency
The OCC, Board, and FDIC (collectively, the agencies) are adopting as final the interim final rule published by the agencies on April 17, 2020, making temporary amendments to the agencies' regulations requiring appraisals for certain real estate-related transactions. The final rule adopts the deferral of the requirement to obtain an appraisal or evaluation for up to 120 days following the closing of certain residential and commercial real estate transactions, excluding transactions for acquisition, development, and construction of real estate. Regulated institutions should make best efforts to obtain a credible estimate of the value of real property collateral before closing the loan and otherwise underwrite loans consistent with the principles in the agencies' Standards for Safety and Soundness and Real Estate Lending Standards. The agencies' final rule allows regulated institutions to expeditiously extend liquidity to creditworthy households and businesses in light of recent strains on the U.S. economy as a result of the coronavirus disease 2019 (COVID event). The final rule adopts the interim final rule with one revision in response to comments received by the agencies on the interim final rule.
85 FR 65666
https://www.govinfo.gov/app/details/FR-2020-10-16/2020-21563
2020-21563
fr16oc20-4
RIN 1557-AE86
RIN 7100-AF87
RIN 3064-AF48
4810-33-P 6210-01-P 6714-01-P
Docket No. OCC-2020-0014
Docket No. R-1713
https://www.govinfo.gov/app/details/FR-2020-10-16/2020-21563
https://www.govinfo.gov/content/pkg/FR-2020-10-16/html/2020-21563.htm
https://www.govinfo.gov/content/pkg/FR-2020-10-16/pdf/2020-21563.pdf
Administrative Practice and Procedure
Federal Reserve System
Capital Planning
Holding Companies
Securities
Stress Testing
Appraisal
Appraiser
Banks
Banking
Consumer Protection
Credit
Mortgages
National Banks
Reporting and Recordkeeping Requirements
Savings Associations
Truth in Lending
7 p.
65666
65672
85 FR 65666
Code of Federal Regulations
Title 12 Part 225
12 CFR Part 225
Code of Federal Regulations
Title 12 Part 323
12 CFR Part 323
Code of Federal Regulations
Title 12 Part 34
12 CFR Part 34
Regulation Identification Number 1557-AE86
RIN 1557-AE86
Regulation Identification Number 7100-AF87
RIN 7100-AF87
Regulation Identification Number 3064-AF48
RIN 3064-AF48
Real Estate Appraisals; Federal Register Vol. 85, Issue
RULE
2020-21563
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE CORPORATION
2020-10-16
Docket No. OCC-2020-0014
Docket No. R-1713
4810-33-P 6210-01-P 6714-01-P
2020-21563
Final rule.
The OCC, Board, and FDIC (collectively, the agencies) are adopting as final the interim final rule published by the agencies on April 17, 2020, making temporary amendments to the agencies' regulations requiring appraisals for certain real estate-related transactions. The final rule adopts the deferral of the requirement to obtain an appraisal or evaluation for up to 120 days following the closing of certain residential and commercial real estate transactions, excluding transactions for acquisition, development, and construction of real estate. Regulated institutions should make best efforts to obtain a credible estimate of the value of real property collateral before closing the loan and otherwise underwrite loans consistent with the principles in the agencies' Standards for Safety and Soundness and Real Estate Lending Standards. The agencies' final rule allows regulated institutions to expeditiously extend liquidity to creditworthy households and businesses in light of recent strains on the U.S. economy as a result of the coronavirus disease 2019 (COVID event). The final rule adopts the interim final rule with one revision in response to comments received by the agencies on the interim final rule.
The final rule is effective October 16, 2020 through December 31, 2020.
OCC: G. Kevin Lawton, Appraiser (Real Estate Specialist), (202) 649-6670; Mitchell Plave, Special Counsel, (202) 649-5490; or Joanne Phillips, Counsel, Chief Counsel's Office (202) 649-5500; Office of the Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219. For persons who are deaf or hearing impaired, TTY users may contact (202) 649-5597.
Administrative Practice and Procedure
Federal Reserve System
Capital Planning
Holding Companies
Securities
Stress Testing
Appraisal
Appraiser
Banks
Banking
Consumer Protection
Credit
Mortgages
National Banks
Reporting and Recordkeeping Requirements
Savings Associations
Truth in Lending
Real Estate Appraisals,
BGardner@FDIC.gov
https://occ.gov/news-issuances/federal-register/2010/75fr77450.pdf
https://www.ffiec.gov/pdf/FFIEC_forms/FFIEC031_FFIEC041_202006_i.pdf
https://www.ffiec.gov/pdf/FFIEC_forms/FFIEC051_202006_i.pdf
https://www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-54.html
Federal Register
Vol. 85, no. 201
Office of the Federal Register, National Archives and Records Administration
2020-10-16
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576 p.
Table of Contents:
AE 2.7:
GS 4.107:
AE 2.106:
KF70.A2
https://www.govinfo.gov/app/details/FR-2020-10-16
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2020-10-16
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FR-2020-10-16
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