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ABA: The American Bankers Association
Compliance News

ABA Issues Staff Analysis on Recently Announced Appraisal Relief

With the federal banking agencies recently issuing an interim final rule allowing banks to temporarily defer appraisals and evaluations for residential or commercial real estate transactions during the COVID-19 national emergency, ABA has prepared a members-only staff analysis summarizing the changes. The interim final rule notes that appraisals may be delayed for up to 120 days. It does not apply to real estate acquisition, development and construction loan transactions. For more information, contact ABA’s Rod Alba or Sharon Whitaker.