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ABA: The American Bankers Association
Compliance News

ABA Welcomes Temporary Appraisal Relief, Seeks Additional Clarity

In a letter to the federal banking agencies, ABA expressed appreciation for a recent interim final rule providing banks that may be facing operational challenges due to COVID-19 with an option to defer appraisals for certain residential and commercial real estate transactions through the end of the year. 

The appraisal relief does not apply to loans used for the “acquisition, development and construction of real estate,” and ABA urged the agencies to provide additional clarity on the definition of these loans via an FAQ document or similar statement. For more information, contact ABA’s Sharon Whitaker.