Appraisal Proposal Would Increase Threshold for Non-Residential Properties
The National Credit Union Administration (NCUA) is accepting comments on a proposed rule to amend the agency’s regulation requiring real estate appraisals for certain transactions.
NCUA said the proposal is designed to provide regulatory relief and clarity to the appraisal process for federal credit unions. Specifically, the proposed rule would:
- Increase the threshold from $250,000 to $1 million on required appraisals for non-residential real estate transactions.
- Clarify when a written estimate or appraisal is required for a real estate-related financial transaction.
- Exempt from the NCUA’s appraisal regulation certain federally-related transactions involving real estate where the property is located in a rural area and valued below $400,000.
NAHB will review the proposed rule to determine the potential impact on members.
For more information, contact Curtis Milton at 800-368-5242 x8597.