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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Financial Institution Letters

FIL-76-2018
November 21, 2018

Appraisal Threshold for Residential Real Estate Loans

Printable Format:

FIL-76-2018 - PDF (PDF Help)

Summary:

The FDIC, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (the Agencies) are jointly issuing a notice of proposed rulemaking titled Real Estate Appraisals (Appraisal NPR), which will be published in the Federal Register for a 60-day comment period. The Appraisal NPR proposes to increase the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. Evaluations would be required for transactions exempted as a result of the proposed threshold. The NPR also would add section 103 of the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA) to the list of exempt transactions in the appraisal regulations, require evaluations for these exempt transactions, and require institutions to subject appraisals to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice (USPAP).

Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised institutions.

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Note:

FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's website at www.fdic.gov/news/news/financial/2018/.

To receive FILs electronically, please visit www.fdic.gov/about/subscriptions/fil.html.

Paper copies may be obtained via the FDIC's Public Information Center, 3501 Fairfax Drive, E 1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).

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