FDIC Seeks to Increase Appraisal Exemption Level to $400K
November 20, 2018
The Federal Deposit Insurance Corp. (FDIC) issued a notice of proposed rulemaking that would increase the threshold for residential real estate transactions requiring an appraisal to $400,000.
The current threshold of $250,000 has been in place in 1994. In issuing the notice, the FDIC cited “concerns raised about the time and cost associated with completing residential real estate transactions.” The FDIC added that exempted residential real estate transactions be required to “obtain an evaluation consistent with safe and sound banking practices,” adding that evaluations were traditionally less detailed and less expensive than appraisals.
The FDIC also proposed incorporating the rural residential appraisal exemption in the Economic Growth, Regulatory Relief and Consumer Protection Act signed into law on May 24 to the list of exempt transactions and require evaluations for these exempt transactions.
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