The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively the “Agencies”) issued an interim final rule deferring the appraisal requirements for certain residential and commercial real estate transactions. Generally, the Agencies require that Title XI appraisals for federally related transactions occur prior to loan closing. The Interim Final Rule defers the requirement to obtain an appraisal for up to 120 days following the closing of certain real estate transactions. Deferrals authorized by this final rule will expire for transactions closing after December 31, 2020.
