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Ex. SEC-14-007 Order Primary source read

Real Estate Appraisals; interim final rule, 85 Fed. Reg. 21312

Real Estate Appraisals

OCC, Board of Governors of the Federal Reserve System, FDIC · United States (Federal)

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The COVID Project

The record

Jurisdiction
United States
Level
Federal
Authority
12 U.S.C. 3331 et seq. (Title XI, FIRREA); 12 C.F.R. parts 34, 225, 323
Issued
2020-04-14 Apr. 14, 2020
Effective
2020-04-17 (issued Apr. 14, 2020. (read as 2020-04-17)
End
2020-12-31
In force
Apr. 17, 2020 to Dec. 31, 2020
Quarters
2020 Q22020 Q32020 Q4
Limitation types
Other
Addressees
  • regulated financial institutions
Functions reached
  • AP appraisals deferred to after closing
  • CL closings without the appraisal in hand
  • CB lenders
Collection
Real Estate SEC-14

Operative words

defers the requirement to obtain an appraisal or evaluation for up to 120 days following the closing of certain residential and commercial real estate transactions... excluding transactions for acquisition, development, and construction of real estate... These deferrals are not waivers

Enforcement

supervisory (Title XI)

Notes

The regulators' stated predicate: interior inspections limited by stay-home and distancing orders; the compelled substitute for the in-person appraisal

A record of The COVID Project. The instrument's text is the source's; the summary fields are The COVID Project's reading of it. Not legal advice.