Commercial Appraisers Livelihood Threatened
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Commercial appraisers may want to open this link, and read it. Your livelihood is possibly threatened by the National Credit Union Administration (NCUA).
You may want to send a letter to the NCUA Board of Directors.
Proposed Appraisal Rule Provides Relief, Clarity
As part of the NCUA’s regulatory relief agenda, the Board approved a proposed rule (Part 722) to amend the agency’s real estate appraisal requirements for certain transactions.
The proposed rule would provide a measure of regulatory relief and increased clarity by:
- Increasing the threshold for required appraisals in non-residential real estate transactions from the current $250,000 to $1 million;
- Reorganizing the appraisal regulation to make it easier to determine when a written estimate or an appraisal is required; and
- Incorporating the rural exemption contained in the Economic Growth, Regulatory Relief, and Consumer Protection Act, S. 2155.
Comments on the proposed rule must be received within 60 days of publication in the Federal Register
Comments on the NCUA’s proposed rules should be mailed or hand-delivered to:
Gerard Poliquin, Secretary of the Board,
National Credit Union Administration,
1775 Duke Street,
Alexandria, Virginia 22314-3428
Comments can also be sent by fax to 703.518.6319 and by email at firstname.lastname@example.org.
Please send comments by one method only.
Excerpt from the article “NCUA’s appraisal plan ignores lessons of last crisis” by Stephen S Wagner
The National Credit Union Administration’s board of directors is about to take radical action that could significantly damage the nation’s commercial real estate market — and many bankers aren’t aware of it.
The NCUA board may take up this topic as early as its next monthly meeting, scheduled for May 23. Regulators will consider quadrupling — from $250,000 to $1 million — the appraisal threshold for nonresidential real estate loans…
Raising the threshold to such a high level will result in a dramatic loss in appraisal independence and risk mitigation…