NAR Comments on Appraisal Threshold
On March 11, 2016, NAR President Tom Salomone submitted a comment letter to the Federal Financial Institutions Examination Council’s (FFIEC) Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) review. The letter affirms NAR support of the current appraisal threshold of $250,000 for Federally Related Transactions.
The letter also thanked the federal banking agencies for their March 4, 2016 Interagency Advisory on Use of Evaluations in Real Estate-Related Financial Transactions, which describes the existing framework for using an evaluation instead of an appraisal in some real estate-related financial transactions. Included in the advisory is a confirmation of the current appraisal threshold level of $250,000.