APPRAISAL REVISIONS TAKE EFFECT

On April 9, 2018 the Office of the Comptroller of the Currency (OCC); Board of Governors of the Federal Reserve System (Board); and Federal Deposit Insurance Corporation (FDIC) published 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 and makes other changes. The final rule was effective upon publication in the Federal Register on April 9th.

For more information see: https://www.jackscomplianceresource.com/change-in-appraisal-threshold/

A copy of the rule is available at https://www.gpo.gov/fdsys/pkg/FR-2018-04-09/pdf/2018-06960.pdf

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