Today Credit Union National Association (CUNA) Chief Advocacy Officer, Ryan Donovan released the below statement following the National Credit Union Administration (NCUA) Board meeting. A proposed rule was issued that that would amend the agency’s regulation requiring real estate appraisals for certain transactions.
"CUNA commends NCUA on its action to raise the non-residential real estate appraisals threshold, and looks forward to commenting on the proposal,” Donovan said.
Currently, an appraisal is required for non-residential real estate transactions with a market value greater than $250,000. The proposed rule would increase the threshold to $1 million. A written estimate of market value would still be required. The agency is seeking comment on whether a de minimus exemption should also apply to this provision. For a GSE-backed loan, the market value would be determined by the uninsured value. The proposal will be subject to a 60 day comment period.
For more information please visit CUNA News: http://news.cuna.org/articles/114902-ncua-issues-proposal-to-amend-certain-appraisal-reqs