The COVID Project
Context, not an orderThis record is guidance or an announcement kept for context. It is not counted among the orders in force.
The record
- Jurisdiction
- United States; National Credit Union Administration (federal)
- Level
- Federal
- Authority
- 12 U.S.C. §§ 3339, 3341
- Issued
- 2020-04-01 Apr. 1, 2020
- Effective
- April 2020 (Board actions of April 16, 2020; rules effective on Federal Register publication April 21, 2020) (read as 2020-04-16)
- End
- Deferral flexibility expired 2020-12-31; threshold increase permanent (read as 2020-12-31)
- In force
- Apr. 16, 2020 to Dec. 31, 2020
- Quarters
- 2020 Q22020 Q32020 Q4
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- federally insured credit unions
- Functions reached
- ML mortgage lending (pipeline delays from appraisals)
- AP appraisals
- CB
- Character
- context
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
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
Notes
The regulator's own words: 'mortgage pipeline delays due to appraisals during the COVID-19 pandemic' and 'disruptions to property valuations caused by COVID-19 mitigation efforts'
Retrieval noteMonth-dated letter (April 2020); exhibit numbered 103 because it was retrieved after the sequence closed. Cite it as context and cite the underlying order, statute or emergency rule it describes as the instrument. (Bulletins whose operative text imposes a mandatory duty on licensees under the regulator's own authority are excluded from this downgrade and listed separately for review.)).