FDIC Issues Temporary Exceptions to Appraisal Requirements in Areas Affected By Severe Storms and Flooding Related to Hurricanes Harvey, Irma and Maria
Summary:
The
Statement of Applicability to Institutions With Total Assets Under
Highlights:
The
* The exception expires three years after the date each state or territory was declared a major disaster.
* To qualify for the exception, an institution must document that:
(1) The transaction involves real property in an area declared a major disaster;1
(2) There is a binding commitment to fund a transaction in an area declared a major disaster in the states or territories listed below that was entered into on or after
o
o
o
o
o
o
(3) The value of the real property supports the institution's decisions to enter into the transaction.
* A financial institution relying on the appraisal exception should maintain sufficient information estimating the collateral's value to support the institution's credit decision.
* The
Distribution:
* FDIC-Supervised Institutions
Suggested Routing:
* Chief Executive Officer
*
Related Topics:
* 12 CFR Part 323 of the FDIC Rules and Regulations (https://www.fdic.gov/regulations/laws/rules/2000-4300.html)
* Interagency Appraisal and Evaluation Guidelines, FIL-82-2010 (https://www.fdic.gov/news/news/financial/2010/fil10082a.pdf)
Attachments:
* Press Release (https://www.fdic.gov/news/news/press/2017/pr17081.html)
* Federal Register Notice and Order (https://www.fdic.gov/news/news/press/2017/pr17081a.pdf).
Click here to view attachment: (https://www.fdic.gov/news/news/financial/2017/fil17056.pdf).
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