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Have the prudential regulators provided relief to banks struggling to get appraisals during COVID-19?

My bank is struggling to obtain appraisals before closing since COVID-19. Have the prudential regulators provided any relief to banks in this crisis?

Yes, on April 14, 2020, the FDIC, FRB and OCC issued an interim final rule temporarily amending their appraisal regulations to provide that the completion of appraisals and evaluations required under the agencies’ appraisal regulations may be deferred by a regulated institution for up to 120 days from the date of closing. The temporary deferrals apply to all residential and commercial real estate secured transactions, including loans for new money or refinancing transactions, but excluding transactions for acquisition, development and construction of real estate. The deferred appraisals and the interim final rule will sunset on Dec. 31, 2020. (June 2020)

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