The COVID Project
Context, not an orderThis record is guidance or an announcement kept for context. It is not counted among the orders in force.
The record
- Jurisdiction
- United States; Federal Reserve Board, FDIC, NCUA, OCC and CFPB (federal interagency)
- Level
- Federal
- Authority
- 12 U.S.C. §§ 3339, 3341
- Issued
- 2020-04-14 Apr. 14, 2020
- Effective
- 2020-04-14
- End
- 2020-12-31 (deferral period of the companion IFRs) (read as 2020-12-31)
- In force
- Apr. 14, 2020 to Dec. 31, 2020
- Quarters
- 2020 Q22020 Q32020 Q4
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- regulated institutions originating real estate-related financial transactions
- Functions reached
- ML mortgage lending (appraisals could not be performed inside occupied homes)
- BL commercial real estate lending
- AP appraisal counterparties
- CB
- Character
- context
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
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
Notes
The agencies' finding that the closure orders made interior inspections and timely appraisals unavailable; the companion IFRs are Exs. 017 (banks) and 040 (credit unions)