COVID-19 Appraisal and Evaluation Deferrals Interim Final Rule Summary
The OCC, Board, and FDIC (the Agencies) issued an interim final rule (Rule) to amend their regulations requiring appraisals for certain real estate transactions. This Rule defers appraisal and evaluation requirements for up to 120 days after the closing of a transaction for certain residential and commercial real estate transactions. This deferral excludes, however, transactions for acquisition, development, and construction of real estate. Institutions are still expected to make best efforts to obtain a credible valuation of real property collateral before the loan closing, and otherwise underwrite loans consistent with the Agencies’ principles. The purpose of this relief is to quickly extend liquidity to creditworthy households and businesses in light of recent strains on the U.S. economy in connection with COVID-19.
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