Real Estate Appraisals: Notice and Request for Comment on Proposed Interagency Guidance on Reconsiderations of Value of Residential Real Estate
June 8, 2023 / Source: OCC
Summary
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, and National Credit Union Administration (collectively, the agencies) today published a request for comment on a proposed interagency guidance on reconsiderations of value (ROV). Comments must be received within 60 days of the proposed guidanceās publication in theĀ Federal Register.
Note for Community Banks
If finalized, the “Proposed Interagency Guidance on Reconsiderations of Value of Residential Real Estate” would apply to all community banks.1
Highlights
The agencies seek comment on the proposed interagency guidance, which
- highlights the risks of deficient residential real estate.
- outlines applicable statutes, regulations, and existing guidance that govern ROVs.
- explains how ROVs can be incorporated into existing risk management functions.
- provides examples of policies and procedures banks may choose to adopt.
The request for comment
- seeks feedback on the utility, relevance, comprehensiveness, and clarity of the proposed guidance.
- asks for responses to specific questions listed in theĀ Federal RegisterĀ notice.
Please contact Vonda J. Eanes, Director for Community Reinvestment Act and Fair Lending Policy, Compliance Risk Policy Division, at (202) 649-5470.
Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy