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#2222827 - 10/02/19 02:07 PM RRE Appraisal Threshold Increase - Published?
NoJustNo Offline
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Midwest
Okay... dumb question of the day. What's the easiest way to tell if/when this rule has been published in the Federal Register?

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#2222832 - 10/02/19 02:40 PM Re: RRE Appraisal Threshold Increase - Published? NoJustNo
rlcarey Offline
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Galveston, TX
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#2222843 - 10/02/19 03:55 PM Re: RRE Appraisal Threshold Increase - Published? NoJustNo
NoJustNo Offline
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So with this being issued jointly, we look under any of the agencies for publication?

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#2222932 - 10/03/19 03:16 PM Re: RRE Appraisal Threshold Increase - Published? NoJustNo
NoJustNo Offline
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Anyone? Again, sorry if this is a stupid question....

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#2222936 - 10/03/19 03:38 PM Re: RRE Appraisal Threshold Increase - Published? NoJustNo
rlcarey Offline
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Yes
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#2223244 - 10/08/19 12:39 PM Re: RRE Appraisal Threshold Increase - Published? NoJustNo
Dan Persfull Offline
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Bloomington, IN
Final Rule published in today's Federal Register.

https://www.govinfo.gov/content/pkg/FR-2019-10-08/pdf/2019-21376.pdf
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#2223248 - 10/08/19 12:59 PM Re: RRE Appraisal Threshold Increase - Published? NoJustNo
MBTCompliance Offline
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Does this mean we do not have to wait until January 1 to accept evaluations on residential properties less than $400,000?

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#2223251 - 10/08/19 01:09 PM Re: RRE Appraisal Threshold Increase - Published? NoJustNo
rlcarey Offline
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This final rule is effective on October 9, 2019, except for the amendments in instructions 4, 5, 9, 10, 14, and 15, which are effective on January 1, 2020.
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#2223253 - 10/08/19 01:17 PM Re: RRE Appraisal Threshold Increase - Published? NoJustNo
MBTCompliance Offline
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I cannot access the Federal Register document to see those instructions you named.

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#2223255 - 10/08/19 01:26 PM Re: RRE Appraisal Threshold Increase - Published? NoJustNo
rlcarey Offline
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Galveston, TX
Try a different browser.
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#2223256 - 10/08/19 01:36 PM Re: RRE Appraisal Threshold Increase - Published? NoJustNo
John Burnett Offline
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Cape Cod
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#2223325 - 10/08/19 06:05 PM Re: RRE Appraisal Threshold Increase - Published? NoJustNo
MBTCompliance Offline
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Am I reading it correctly? It appears to me the rule raising the exemption to $400,000 goes into effect tomorrow, but at the same time it says evaluations will be required beginning January 1. So, we cannot accept evaluations on these properties until January 1?

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#2223341 - 10/08/19 06:55 PM Re: RRE Appraisal Threshold Increase - Published? NoJustNo
ahou Offline
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ahou
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III. Effective Date
All provisions of the rule, other than the evaluation requirement for transactions exempted by the rural residential appraisal exemption and the requirement to subject appraisals to appropriate review for compliance with USPAP (as discussed below) are
effective the first day after publication of the final rule in the Federal Register.
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#2223348 - 10/08/19 07:12 PM Re: RRE Appraisal Threshold Increase - Published? NoJustNo
John Burnett Offline
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Cape Cod
After tomorrow's amendments, 225.63(b) -- in FRB Reg Y and in differently numbered sections of the OCC and FDIC rules -- will still read: "(b) Evaluations required. For a transaction that does not require the services of a State certified or licensed appraiser under paragraph (a)(1), (a)(5), (a)(7), or (a)(14) of this section, the institution shall obtain an appropriate evaluation of real property collateral that is consistent with safe and sound banking practices."

As of 1/1/20, that gets changed to: "(b) Evaluations required. For a transaction that does not require the services of a State certified or licensed appraiser under paragraphs (a)(1), (5), (7), (14), or (15) of this section, the institution shall obtain an appropriate evaluation of real property collateral that is consistent with safe and sound banking practices."

The only thing that changes is that the eval paragraph will apply to properties exempted under the rural residential exemption. And you already have the option of doing evals on those properties. The 1/1/20 amendment makes it mandatory.
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