As we reported last week, the regulators issued joint guidance to increase the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. The appraisal threshold adjustment was effective the day after publication in the Federal Register. Since the final rule was published on 10/8/19, the new $400,000 threshold is now in effect and can be utilized by banks on applicable loans.
For those looking for a comprehensive break-down of the new appraisal threshold rules, we will be offering training on this topic as both part of our 3Q 2019 Quarterly Compliance Update as well as a stand-alone product. Those programs will both be available in our store at www.compliancecohort.com/store over the next few weeks.