In a move that has major implications for mortgage lenders and appraisers, the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency finalized a joint rule to increase the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000.
The Consumer Financial Protection Bureau’s required letter weighing in on the measure closely reflected contentions put forth by financial institutions and the trade associations.
Learn more details about the final rule and stakeholder reactions.