On September 27, 2019, the Office of the Currency Auditor, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, "the Agencies") passed a definitive rule increasing the rating requirement in residential property transactions from 250,000 to 400,000 USD. Federally-related transactions under $ 400,000 require a valuation, rather a full valuation, to determine the value of the property in question. A federally-related transaction is a transaction that is not made by Fannie Mae or Freddie Mac, and a transaction that is not federally funded, such as a federally funded transaction. B. Loans from the Federal Housing Administration, the Rural Housing Service, or the Department of Veterans Affairs.
Last rule on the residential threshold