{"id":"AGY-FED-FINANCIAL-103","kind":"context","level":"federal","jurisdiction":"United States; National Credit Union Administration (federal)","state":"","metro":"","industry":"","agency":"FED-FINANCIAL","eco":"","issuer":"NCUA","authority":"12 U.S.C. §§ 3339, 3341","instrument":"Letter to Credit Unions 20-CU-10","title":"Residential Appraisals Threshold Increase and Other COVID-19 Related Relief Measures","dateIssued":"2020-04-01","effective":"April 2020 (Board actions of April 16, 2020; rules effective on Federal Register publication April 21, 2020)","end":"Deferral flexibility expired 2020-12-31; threshold increase permanent","startDate":"2020-04-16","endDate":"2020-12-31","quarters":["2020Q2","2020Q3","2020Q4"],"types":["OTHER"],"addressees":["federally insured credit unions"],"clause":"The NCUA Board approved a final rule on April 16, 2020, to increase the residential appraisal threshold from $250,000 to $400,000.... The rule also increases flexibility for credit unions struggling with mortgage pipeline delays due to appraisals during the COVID-19 pandemic. In addition to the final rule on appraisal thresholds, the Board also approved an interim final rule to temporarily allow credit unions to defer appraisals and written estimates of market value for up to 120 days after the closing of a loan. This flexibility will expire on December 31, 2020. This deferral is intended to provide liquidity and relief to property owners affected by disruptions to property valuations caused by COVID-19 mitigation efforts.","enforcement":"12 C.F.R. part 722","functions":["ML mortgage lending (pipeline delays from appraisals)","AP appraisals","CB"],"notes":"The regulator\u0027s own words: \u0027mortgage pipeline delays due to appraisals during the COVID-19 pandemic\u0027 and \u0027disruptions to property valuations caused by COVID-19 mitigation efforts\u0027","sourceUrl":"https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/residential-appraisals-threshold-increase-and-other-covid-19-related-relief-measures","snapshot":"https://web.archive.org/web/2021/https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/residential-appraisals-threshold-increase-and-other-covid-19-related-relief-measures","fileExists":true,"fileBytes":481598,"grade":"primary","character":"context","description":"","collection":"AGY-FED-FINANCIAL","url":"/library/AGY-FED-FINANCIAL-103","exhibitUrl":"/exhibit/AGY-FED-FINANCIAL-103","citation":"NCUA, Letter to Credit Unions 20-CU-10 (Apr. 1, 2020) (Ex. AGY-FED-FINANCIAL-103)","stateName":"","related":["AGY-FED-FINANCIAL-036","AGY-FED-FINANCIAL-038","AGY-FED-FINANCIAL-034","AGY-FED-FINANCIAL-037","AGY-FED-FINANCIAL-043","AGY-FED-FINANCIAL-035","AGY-FED-FINANCIAL-033","AGY-FED-FINANCIAL-042","AGY-FED-FINANCIAL-031","AGY-FED-FINANCIAL-032","AGY-FED-FINANCIAL-046"]}