{"id":"AGY-FED-FINANCIAL-016","kind":"context","level":"federal","jurisdiction":"United States; Federal Reserve Board, FDIC, NCUA, OCC and CFPB (federal interagency)","state":"","metro":"","industry":"","agency":"FED-FINANCIAL","eco":"","issuer":"Board of Governors, FDIC, NCUA, OCC and CFPB (OCC Bulletin 2020-38; FDIC FIL-43-2020)","authority":"12 U.S.C. §§ 3339, 3341","instrument":"Interagency Statement on Appraisals and Evaluations for Real Estate Related Financial Transactions Affected by the Coronavirus","title":"Interagency Statement on Appraisals and Evaluations for Real Estate Related Financial Transactions Affected by the Coronavirus","dateIssued":"2020-04-14","effective":"2020-04-14","end":"2020-12-31 (deferral period of the companion IFRs)","startDate":"2020-04-14","endDate":"2020-12-31","quarters":["2020Q2","2020Q3","2020Q4"],"types":["OTHER"],"addressees":["regulated institutions originating real estate-related financial transactions"],"clause":"The interim final rule defers the requirement to obtain an appraisal or evaluation for up to 120 days following the closing of a transaction for certain residential and commercial real estate transactions.... The deferrals, which will be temporary, are offered in response to a National Emergency.","enforcement":"Appraisal regulations; supervisory","functions":["ML mortgage lending (appraisals could not be performed inside occupied homes)","BL commercial real estate lending","AP appraisal counterparties","CB"],"notes":"The agencies\u0027 finding that the closure orders made interior inspections and timely appraisals unavailable; the companion IFRs are Exs. 017 (banks) and 040 (credit unions)","sourceUrl":"https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20200414a1.pdf","snapshot":"","fileExists":true,"fileBytes":335989,"grade":"primary","character":"context","description":"","collection":"AGY-FED-FINANCIAL","url":"/library/AGY-FED-FINANCIAL-016","exhibitUrl":"/exhibit/AGY-FED-FINANCIAL-016","citation":"Board of Governors, FDIC, NCUA, OCC and CFPB (OCC Bulletin 2020-38; FDIC FIL-43-2020), Interagency Statement on Appraisals and Evaluations for Real Estate Related Financial Transactions Affected by the Coronavirus (Apr. 14, 2020) (Ex. AGY-FED-FINANCIAL-016)","stateName":"","related":[]}