Acting Comptroller of the Currency Michael Hsu told attendees at a CFPB roundtable today that banks are being held accountable when they rely on housing appraisals that are discriminatory.
The American Bankers Association today offered feedback to the Federal Housing Finance Agency on appraisal-related policies and practices for Fannie Mae and Freddie Mac, noting that it “fully supports creating new alternatives to the traditional appraisals available in the market today.”
The federal banking agencies today finalized two rules intended to provide relief for financial institutions as a result of actions taken to aid in the coronavirus response.
…and other answers to your compliance questions in the May/June 2020 ABA Regulatory Policy and Compliance Inbox.
The federal banking agencies issued an interim final rule this evening allowing financial institutions to temporarily defer appraisals and evaluations for residential or commercial real estate transactions for up to 120 days during the COVID-19 national emergency.
To help ensure liquidity in the secondary mortgage market, the Federal Housing Finance Agency today directed Fannie Mae and Freddie Mac to engage in additional dollar roll transactions, which would provide investors in mortgage-backed securities with short-term financing of their positions.
…and other answers to your compliance questions in the March/April 2020 ABA Regulatory Policy and Compliance Inbox.
The financial regulatory agencies today issued a final rule—which takes effect immediately—raising the appraisal threshold for residential real estate transactions from $250,000 to $400,000.
The Appraisal Subcommittee of the Federal Financial Institutions Examination Council has approved a waiver request from appraisal licensing requirements for the state of North Dakota.
By a two-to-one vote, the National Credit Union Administration board today finalized a controversial proposal to raise the threshold at which credit unions must obtain appraisals for commercial real estate transactions from $250,000 to $1 million.