But if you’re using a … However, because the final rule increases the residential threshold to $400,000 for all residential transactions, institutions will not need to comply with the detailed requirements of the rural residential appraisal exemption in order for such transactions to be exempt from the agencies' appraisal requirement. Other commenters questioned how much relief the proposal would provide. Threshold Level. For loans and extensions of credit, the transaction value is the amount of the loan or extension of credit. 75. Learn about the FDIC’s mission, leadership, Other commenters suggested that the proposal would cause consumers to lose the benefit of appraisers performing a physical inspection and an analysis of specific property features, including property maintenance and repair issues that can affect the property value. [13], Title XI expressly authorizes the agencies to establish thresholds at or below which Title XI appraisals are not required if: (1) The agencies determine in writing that the threshold does not represent a threat to the safety and soundness of financial institutions; and (2) the agencies receive concurrence from the Consumer Financial Protection Bureau (CFPB) that such threshold level provides reasonable protection for consumers who purchase 1-to-4 unit single-family residences. Single Real Estate Entity. The OCC estimates that the final rule may impact approximately 734 of these small entities. For the reasons described above and under section 605(b) of the RFA, the FDIC certifies that the proposed rule will not have a significant economic impact on a substantial number of small entities. In this regard, one commenter indicated that evaluations must be consistent with safe and sound banking practices and, according to agency guidelines, they should provide supporting information and an estimate of market value. The Appraisal Rule also incorporates the appraisal exemption for rural residential properties provided by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRCCPA) and requires evaluations for these exempt transactions. 3356. that agencies use to create their documents. However, appraisers are permitted to be employees of the lender provided that the independence requirements in the agencies' rules are met. So banks won’t lend money until the required repairs are completed. (ii) The institution may engage a certified appraiser to complete the appraisal. In 2013, in keeping with its historic role, as well as in recognition of the limitations of many valuation standards currently in existence, the Appraisal Institute Board of Directors directed the development of high quality, straightforward, principle-based standards that could be used where existing standards are not already required or do not apply. with a transaction value [16] 3. In contrast, commenters noted there are no standardized requirements for those who perform evaluations. When considering the threshold increase's potential impact on safety and soundness, the agencies considered a loss analysis of aggregate net charge-off rates for residential real estate loans after the last increase in the appraisal threshold in 1994. Several commenters concurred with the agencies' cost estimates in the proposal. 69. (k) Residential real estate transaction means a real estate-related financial transaction that is secured by a single 1-to-4 family residential property. Federal Register. Another commenter expressed concern that a requirement for appraisal review would force some financial institutions to outsource the review process, given that many small institutions do not have staff trained in USPAP standards, which would add considerable overhead expense for financial institutions. In addition, the proposal would add to the list of exempt transactions those transactions that are secured by residential property in rural areas that have been exempted from the agencies' appraisal requirement pursuant to the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) [3] An evaluation should contain sufficient information and analysis to support the regulated institution's decision to engage in the transaction. independent agency created by the Congress to maintain By increasing the residential real estate appraisal threshold, the rule is expected to increase the number of residential real estate loans eligible for an evaluation, instead of an appraisal. Browse our In considering the aggregate effect of this rule, the agencies also considered the number of transactions likely to be affected by the increased threshold. Open for Comment, Economic Sanctions & Foreign Assets Control, Threatened Species Status for Whitebark Pine, Animal and Plant Health Inspection Service, Organization and functions (Government agencies), Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies, Establishing the President's Advisory 1776 Commission, Office of the Comptroller of the Currency, C. Addition of the Appraisal Review Requirement, PART 34—REAL ESTATE LENDING AND APPRAISALS, PART 225—BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL (REGULATION Y), https://www.federalregister.gov/d/2019-21376, MODS: Government Publishing Office metadata, https://us.spindices.com/​index-family/​real-estate/​sp-corelogic-case-shiller, https://www.fhfa.gov/​DataTools/​Downloads/​Pages/​House-Price-Index.aspx, https://www.ffiec.gov/​pdf/​2017_​FFIEC_​EGRPRA_​Joint-Report_​to_​Congress.pdf, https://www.benefits.va.gov/​HOMELOANS/​appraiser_​fee_​schedule.asp, https://fred.stlouisfed.org/​series/​MSPUS. 0.5 hours *15 originations = 7.5 hours. For a transaction that does not require the services of a State certified or licensed appraiser under paragraphs (a)(1), (5), (7), (13), or (14) of this section, the institution shall obtain an appropriate evaluation of real property collateral that is consistent with safe and sound banking practices. [94] A number of commenters noted that the scope of the threshold had decreased significantly since it was established in 1994 due to inflation in home values. Otherwise, the final rule reduces burden and does not impose any reporting, disclosure, or other new requirements on IDIs. 1. with a transaction value of $1 million or less, and commercial real estate (CRE) transactions with a transaction value of $500,000 or less do not require Title XI appraisals. The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to remind banks1 of the new registration requirement for appraisal management companies (AMC) that became effective on August 10, 2019. Two of these commenters specifically asserted that a broadly applicable threshold increase to $400,000, rather than the more limited rural residential appraisal exemption, is appropriate because it would provide additional burden relief by eliminating unnecessary qualifying criteria. Finally, the Appraisal Rule requires appraisals for federally related transactions to be subject to appropriate review for compliance with the USPAP, pursuant to Title XI, as amended by the, The final rule becomes effective the first day after publication in the, Beverlea S. Gardner, Senior Examination Specialist, at, FDIC Office of the Ombudsman, at (877) 275-3342 or. This analysis of the 2017 HMDA data indicates that the increased threshold will affect a low aggregate dollar volume but a material number of transactions, suggesting the potential for financial savings and burden relief with limited additional risk. Further, consumers may voluntarily obtain appraisals regardless of whether the regulated institution is required to do so. publication in the future. A number of commenters disputed that there are appraiser shortages warranting regulatory relief outside of Start Printed Page 53591rural areas, with some offering supporting data from the Appraisal Subcommittee of the Federal Financial Institutions Examination Council and the Appraisal Foundation. The authority citation for part 323 continues to read as follows: Authority: The rule is likely to pose relatively larger residential real estate valuation-related transaction cost reductions for rural buyers and small, FDIC-supervised institutions lending in rural areas; however, these effects are difficult to accurately estimate. The agencies received one comment generally supporting the proposed definition and one comment generally opposing the definition, neither of which included any detail regarding the reasoning for the position. First, the process of obtaining an evaluation is not new since IDIs already obtain evaluations for transactions at or below the current $250,000-threshold. Some commenters noted that consumers may file an official complaint with a state's appraiser board to address an inaccurate appraisal, which is not an option for addressing an inaccurate evaluation performed by a non-appraiser. [99] However, a regulatory flexibility analysis is not required if the agency certifies that the rule will not have a significant economic impact on a substantial number of small entities. corresponding official PDF file on govinfo.gov. The agencies received a number of comments agreeing that the proposed threshold level would be justified by changes in real estate prices, inflation, and the data presented by the agencies in the proposal. 82 FR 35478, 35482 (July 31, 2017); 83 FR at 15029-15030. In 2017, 1,139 small, FDIC-supervised institutions reported originating residential real estate loans. Additionally, there may be less delay in finding qualified personnel to perform an evaluation than to perform a Title XI appraisal, particularly in rural areas. See OCC: 12 CFR 34.42(d); Board: 12 CFR 225.62(d); FDIC: 12 CFR 323.2(d). The proposal would require regulated institutions to obtain evaluations for transactions exempt from the agencies' appraisal requirements due to the increase in the residential real estate appraisal threshold or the rural residential appraisal exemption. The agencies encourage regulated institutions to review their existing appraisal review policies and incorporate additional procedures for subjecting appraisals for federally related transactions to appropriate review for compliance with USPAP, as needed. Similarly, the Evaluations Advisory suggests it would be prudent to obtain an appraisal rather than an evaluation when an institution's portfolio risk increases or for higher-risk transactions. [41] Thus, for a select group of loans, the HPML Rule assures that the information in an appraisal will be available for some of the consumers who might be more likely to fall into the at-risk categories mentioned by commenters as being most affected by the threshold increase. 3356. The FDIC does not expect the rule to have any substantive effects on the safety and soundness of small, FDIC-supervised institutions. Reducing Burden Associated With Appraisals B. Incorporation of the Rural Residential Appraisal Exemption Under Sectio… Since the early 1990s, the agencies' appraisal regulations have required that regulated institutions obtain evaluations for certain other exempt residential real Start Printed Page 53592estate transactions (which in practice are generally retained in their portfolios). Analysis of HMDA data shows that the rule would newly exempt from appraisal requirements an estimated 13.3 percent of transactions, and 23 percent of the dollar volume of transactions, among small, FDIC-supervised institutions. Appraisals required; transactions requiring a State certified or licensed appraiser. The agencies acknowledge the limitations in relying on the VA appraisal fee schedule, which may reflect appraisal fees that are higher than average across the industry. (3) Complex appraisals for residential real estate transactions of more than $400,000. The agencies proposed the Guidelines for public comment in 2008, see 73 FR 69647 (November 19, 2008), and adopted the final Guidelines in 2010, see 75 FR 77450 (December 10, 2010). 57. [4], Title XI directs each Federal financial institutions regulatory agency [5] A few commenters recommended that the agencies compare loan-level foreclosure rates for their use of appraisals and evaluations to determine if a correlation exists between the use of evaluations and foreclosures. 3009-414, (1996) (codified at 12 U.S.C. Introduction A. documents in the last year, 73 FDIC: The RFA generally requires that, in connection with a final rulemaking, an agency prepare and make available a final regulatory flexibility analysis describing the impact of the rule on small entities. edition of the Federal Register. Many commenters asserted that appraisers are the only unbiased party in the valuation process, in contrast to buyers, agents, lenders, and sellers, who each have an interest in the underlying transactions. Comments from appraisers, appraiser trade organizations, individuals, and consumer advocate groups generally opposed the proposal to increase the threshold. The historical loss information in the Reports of Condition and Income (Call Reports) also shows that the net charge-off rate for residential real estate transactions remained relatively unchanged after the increase in the threshold in 1994 through year-end 2007. 100-1001, pt. Some commenters called for further study of home prices by region and metro area and for the agencies to show which markets would be most affected by the threshold increase. Ensure lead-based paint is not present. Some of these commenters also asserted that they have adequate programs and policies to ensure that evaluations are used prudently. Based on their supervisory experience with evaluations since 1994, the agencies have found that both appraisals and evaluations can protect consumers by facilitating the informed use of credit and helping to ensure the estimated value of the property supports the purchase price and mortgage amount. You’ll have a lot of choices to make on your homebuying quest. The final rule increases the threshold level at or below which appraisals are not required for residential real estate transactions from $250,000 to $400,000. FIL-53-2019 - PDF . These commenters generally asserted that doing so would be more consistent with the data presented. The final rule also amends the agencies' appraisal regulations to require regulated institutions to subject appraisals for federally related transactions to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice. Department of Veterans Affairs Circular 26-20-13 (April 10, 2020) Fannie Mae Lender letter LL-2020-04, Impact of COVID-19 on Appraisals (April 14, 2020) information from The Appraisal Foundation on how the coronavirus impacts appraisers. In 2018, Congress amended Title XI by adding the rural residential appraisal exemption to provide relief for financial institutions engaging in residential real estate transactions in certain rural areas. While the increased residential threshold may decrease costs for institutions, the extent to which institutions will employ evaluations instead of appraisals is uncertain, given that institutions retain the option of using appraisals for below-threshold transactions. Commenters also noted that appraisals are required to follow established requirements as provided by USPAP, which guarantees a certain level of information and quality, whereas evaluations lack standard requirements for information or structure. One commenter suggested that evaluations may not constitute appraisals for purposes of appraisal contingency clauses and may cause confusion to consumers opting for these contingencies. supervisory experience indicates that appraisals and evaluations are both credible tools to support real estate lending decisions, so the FDIC does not expect that increasing the threshold for appraisals will affect the safety and soundness of small, FDIC-supervised institutions. The agencies note that many evaluations of residential properties that are a consumer's principal dwelling are covered by the valuation independence requirements of section 1472 of the Dodd-Frank Act and its implementing regulation. [18] See OCC: 12 CFR 34.44(b); Board: 12 CFR 225.64(b); FDIC: 12 CFR 323.4(b). 5. To ensure that the safety and soundness of Start Printed Page 53594regulated institutions are protected, the agencies will require evaluations for transactions that are exempted by the increased residential appraisal threshold. Section 722 of the Gramm-Leach-Bliley Act [106] 6. 54. Suppose a neighbor is “encroaching” (intruding) on the home. The FHFA Index reflects changes in home prices from a base of $250,000 in June 1994, based on the FHFA House Price Index. This PDF is FDIC Named Receiver for Almena State Bank, Dodd-Frank Wall Street Reform and Consumer Protection Act, Part 323 of the FDIC Rules and Regulations, Residential Appraisal Threshold Final Rule. A residential property that sold for $250,000 as of June 30, 1994, would be expected to sell in March 2019 for $643,750 according to the Case-Shiller Index and $621,448 according to the FHFA Index (see Table 1 below). The agencies recognize that the scarcity of comparable sales data in rural areas has been a long-standing issue and issued guidance in 2016 to assist institutions in obtaining evaluations in rural areas with few or no recent comparable sales. Definition of Residential Real Estate Transaction. Public Law 111-203, 124 Stat. Some opposing commenters suggested the agencies should either maintain the current $250,000 threshold or lower the threshold, with suggested ranges from $100,000 or under to $275,000. In addition, the mortgage originator or its agent, directly or indirectly must have contacted not fewer than three state certified or state licensed appraisers, as applicable, on the mortgage originator's approved appraiser list in the market area, in accordance with 12 CFR part 226, not later than three days after the date on which the Closing Disclosure was provided to the consumer and documented that no state certified or state licensed appraiser, as applicable, was available within five business days beyond customary and reasonable fee and timeliness standards for comparable appraisal assignments. The amendment to this provision would have been a technical change that would not alter any substantive requirement, because the statutory provision is self-effectuating and the proposed threshold increase to $400,000 would encompass loans that would otherwise qualify for the section 103 rural residential appraisal exemption. This definition is consistent with current references to appraisals for residential real estate in the agencies' appraisal regulations and in Title XI, and the definition of commercial real estate transaction that was created in the recent rulemaking to increase the appraisal threshold for commercial real estate (CRE) transactions (CRE rulemaking). For transactions with a transaction value equal to or less than $250,000, the Agencies'... 2. [61] The OCC, Board, and FDIC had previously set the appraisal threshold at $100,000. Some of these commenters asserted that many transactions involving defaults or foreclosures are transactions below $400,000. [68] Safety and Soundness Considerations for Raising the Residential Real Estate Threshold 4. Rep. No. The last major overhaul to FHA appraisal … However, even if the average appraisal cost is less than the $375 to $900 range suggested in the proposal, the agencies believe expanding the use of evaluations will produce time and cost savings. The OCC has analyzed the final rule under the factors in the Unfunded Mandates Reform Act of 1995 (UMRA) (2 U.S.C. We invite you to try out our new beta eCFR site at https://ecfr.federalregister.gov. Both appraisals and evaluations were cited in examiner findings, however, the overall amount and nature of valuation-related examination findings support a conclusion that the proposed threshold increase would not threaten the safety and soundness of financial institutions. As discussed above, the FR Y-14M data reviewed by the agencies found that lenders included in the data obtained appraisals on 74 percent of residential real estate loans of $250,000 and below that were held in portfolio. The agencies requested comment on use of evaluations instead of appraisals for residential real estate transactions. Some commenters suggested doing so by basing the threshold on the GSE conforming loan limits for specific geographic areas. 70. The purpose of Title XI is to protect federal financial and public policy interests [6] Take photos of the property to be included within the loan file. 12 U.S.C. 2. Additionally, of the 1,430 small, FDIC-supervised institutions that reported residential loan originations, a total of 163,148 residential real estate loans Start Printed Page 53595were originated,[93] Many commenters argued that appraisers are the only independent third party in a real estate transaction and that only appraisers' opinions are independent and unbiased. The failure to comply with the independence requirements in the Valuation Independence Rule can result in civil liability.[67]. the official website and that any information you provide is [91], The final rule is likely to reduce loan valuation-related costs for small, covered institutions. See 12 U.S.C. on NARA's archives.gov. [55] Transactions originated by regulated institutions but sold to the GSEs or otherwise insured or guaranteed by a U.S. government agency are separately exempted from the agencies' appraisal requirement. The agencies have authority to determine those real estate-related Start Printed Page 53581financial transactions that do not require Title XI appraisals. In addition, the proposed rule would have required evaluations for transactions that are exempt from the agencies' appraisal requirement under the rural residential appraisal exemption under section 103 of EGRRCPA. Share. Residential real estate transaction would be defined as a real-estate related financial transaction that is secured by a single 1-to-4 family residential property. 26. [14] For this reason, substituting evaluations for appraisals may reduce burden for institutions in areas with appraiser shortages. See OCC: 12 CFR 34.43(b); Board: 12 CFR 225.63(b); FDIC: 12 CFR 323.3(b). 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