Businesses Enhance Residential Appraisal Threshold

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AQB Proposes Update to Appraiser Criteria

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

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