Letter
to Credit Unions (20-CU-10)
Residential Appraisals Threshold Increase and
Other COVID-19 Related Relief Measures
Dear Boards of Directors and
Chief Executive Officers:The NCUA Board approved a final rule on April 16, 2020, to increase the residential appraisal threshold from $250,000 to $400,000. The raised threshold provides long-term regulatory relief to credit unions and members. The rule also increases flexibility for credit unions struggling with mortgage pipeline delays due to appraisals during the COVID-19 pandemic.
In addition to the final rule on appraisal thresholds, the Board also approved an interim final rule to temporarily allow credit unions to defer appraisals and written estimates of market value for up to 120 days after the closing of a loan. This flexibility will expire on December 31, 2020. This deferral is intended to provide liquidity and relief to property owners affected by disruptions to property valuations caused by COVID-19 mitigation efforts. Both rules will become effective upon publication in the Federal Register.
Read the Letter to Credit Unions
Some Helpful Links
- You can track your stimulus check, starting this week
- How to get the coronavirus tracking app from Apple, Google
- Make a face mask at home
- News, advice and more about COVID-19
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