Federal banking agencies have issued a deferral on appraisals and evaluations for real estate properties. No appraisal is necessary for refinance transactions valued at $400,000 or less. Appraisals and evaluations can also be made up to 120 days after the closing of a loan transaction.
The temporary deferrals apply to all residential and commercial real estate secured transactions, including loans for new money or refinancing transactions, but excluding transactions for acquisition, development, and construction of real estate, and will be effective upon publication in the Federal Register,"
according to the Interagency Statement
"The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are providing this temporary relief to allow regulated institutions to extend financing to creditworthy households and businesses quickly in the wake of the national emergency declared in connection with COVID-19," according a joint press release.
Meanwhile, the National Credit Union Administration will be considering a similar proposal of appraisal deferments on Thursday, April 16.