NAR Comments on Appraisal Threshold

On March 11, 2016, NAR President Tom Salomone submitted a comment letter to the Federal Financial Institutions Examination Councils (FFIEC) Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) review. The letter affirms NAR support of the current appraisal threshold of $250,000 for Federally Related Transactions.The letter also thanked the federal banking agencies for their March 4, 2016 Interagency Advisory on Use of Evaluations in Real Estate-Related Financial Transactions, which describes the existing framework for using an evaluation instead of an appraisal in some real estate-related financial transactions. Included in the advisory is a confirmation of the current appraisal threshold level of $250,000. http://narfocus.com/billdatabase/clientfiles/172/3/2576.pdf - NAR Comment to FFIEC - https://fdic.gov/news/news/press/2016/pr16017a.pdf - Interagency Advisory on Use of Evaluations in Real Estate-Related Financial Transactions - href='http://feedproxy.google.com/~r/RealtororgAppraisalHeadlines/~3/yBW22HRYUjE/nar-comments-on-appraisal-threshold' - http://feedproxy.google.com/~r/RealtororgAppraisalHeadlines/~3/yBW22HRYUjE/nar-comments-on-appraisal-threshold -