The NCUA Board met on April 16 via live webcast. They followed other federal agencies (who acted earlier that week) and approved two rules affecting appraisals.
The first, an interim final rule waives the appraisal requirement until 120 days after loan closure, will allow real estate loans to proceed without the need to enter homes during COVID.
The second action was to finalize a rule to increase the appraisal level from $250,000 up to $400,000. FICUs will be required to obtain written estimates of market value of the real estate collateral that is consistent with safe and sound practices instead of an appraisal.
Read more in the agency press release, and be sure you adjust your appraisal policies.