NCUA board approves proposal to boost residential appraisal threshold
The NCUA board also learned that through the end of June, liquidations had cost the Share Insurance Fund $42.6 million.
The NCUA board unanimously agreed on Thursday to publish a proposed rule that would increase the threshold for required appraisals for residential real estate transactions from $250,000 to $400,000.
The threshold has not been increased since 2002, Larry Fazio, director of NCUA’s Office of Examination and Insurance, told the board.
If adopted, the rule could exempt an additional $14 billion in mortgage balances, Kenneth Acuña, a senior credit specialist with the agency said.
NCUA board Chairman Rodney Hood said the proposal is part of the board’s efforts to update its rules.
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