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Final Rule Raising Residential Real Estate Appraisal Threshold Takes Effect Today

Wednesday, October 9, 2019   (0 Comments)
Posted by: Amanda Averch
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The financial regulatory agencies have published in the Federal Register a final rule raising the appraisal threshold for residential real estate transactions from $250,000 to $400,000. The rule takes effect today.

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The new threshold addresses numerous concerns raised by ABA and other industry stakeholders over the time and cost of appraisals. Under the final rule, transactions that qualify for the exemption must still obtain an evaluation consistent with safe and sound banking practices. While S. 2155 created an exemption from appraisals for rural residential transactions, with this rule, effective Jan. 1, 2020, these transactions will require an evaluation. Read the final rule.

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