The COVID Project
The record
- Jurisdiction
- United States
- Level
- Federal
- Authority
- 12 U.S.C. 3331 et seq. (Title XI, FIRREA); 12 C.F.R. parts 34, 225, 323
- Issued
- 2020-04-14 Apr. 14, 2020
- Effective
- 2020-04-17 (issued Apr. 14, 2020. (read as 2020-04-17)
- End
- 2020-12-31
- In force
- Apr. 17, 2020 to Dec. 31, 2020
- Quarters
- 2020 Q22020 Q32020 Q4
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- regulated financial institutions
- Functions reached
- AP appraisals deferred to after closing
- CL closings without the appraisal in hand
- CB lenders
- Collection
- Real Estate SEC-14
Operative words
defers the requirement to obtain an appraisal or evaluation for up to 120 days following the closing of certain residential and commercial real estate transactions... excluding transactions for acquisition, development, and construction of real estate... These deferrals are not waivers
Enforcement
Notes
The regulators' stated predicate: interior inspections limited by stay-home and distancing orders; the compelled substitute for the in-person appraisal