{"abstract":"The OCC, Board, and FDIC (collectively, the agencies) are adopting an interim final rule to amend the agencies' regulations requiring appraisals of real estate for certain transactions. The interim final rule defers the requirement to obtain an appraisal or evaluation for up to 120 days following the closing of a transaction for certain residential and commercial real estate transactions, excluding transactions for acquisition, development, and construction of real estate. Regulated institutions should make best efforts to obtain a credible valuation of real property collateral before the loan closing, and otherwise underwrite loans consistent with the principles in the agencies' Standards for Safety and Soundness and Real Estate Lending Standards. The agencies are providing this relief to allow regulated institutions to expeditiously extend liquidity to creditworthy households and businesses in light of recent strains on the U.S. economy as a result of the National Emergency declared in connection with coronavirus disease 2019 (COVID-19).","action":"Interim final rule with request for comments.","agencies":[{"raw_name":"DEPARTMENT OF THE TREASURY","name":"Treasury Department","id":497,"url":"https://www.federalregister.gov/agencies/treasury-department","json_url":"https://www.federalregister.gov/api/v1/agencies/497","parent_id":null,"slug":"treasury-department"},{"raw_name":"Office of the Comptroller of the Currency","name":"Comptroller of the Currency","id":80,"url":"https://www.federalregister.gov/agencies/comptroller-of-the-currency","json_url":"https://www.federalregister.gov/api/v1/agencies/80","parent_id":497,"slug":"comptroller-of-the-currency"},{"raw_name":"FEDERAL RESERVE SYSTEM","name":"Federal Reserve System","id":188,"url":"https://www.federalregister.gov/agencies/federal-reserve-system","json_url":"https://www.federalregister.gov/api/v1/agencies/188","parent_id":null,"slug":"federal-reserve-system"},{"raw_name":"FEDERAL DEPOSIT INSURANCE CORPORATION","name":"Federal Deposit Insurance Corporation","id":164,"url":"https://www.federalregister.gov/agencies/federal-deposit-insurance-corporation","json_url":"https://www.federalregister.gov/api/v1/agencies/164","parent_id":null,"slug":"federal-deposit-insurance-corporation"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2020/04/17/2020-08216.html","cfr_references":[{"chapter":null,"citation_url":null,"part":34,"title":12},{"chapter":null,"citation_url":null,"part":225,"title":12},{"chapter":null,"citation_url":null,"part":323,"title":12}],"citation":"85 FR 21312","comment_url":null,"comments_close_on":"2020-06-01","correction_of":null,"corrections":[],"dates":"The interim final rule is effective April 17, 2020 through December 31, 2020. Comments on the interim final rule must be received no later than June 1, 2020.","disposition_notes":null,"docket_ids":["Docket No. OCC-2020-0014","Docket No. R-1713"],"dockets":[{"supporting_documents":[],"agency_name":"OCC","documents":[{"comment_count":10,"comment_start_date":"2020-04-17","updated_at":"2023-02-28T13:38:25.261-05:00","comment_url":"https://www.regulations.gov/commenton/OCC-2020-0014-0001","allow_late_comments":null,"id":"OCC-2020-0014-0001","comment_end_date":"2020-06-02","regulations_dot_gov_open_for_comment":false}],"supporting_documents_count":0,"id":"OCC-2020-0014","title":"Real Estate Appraisals"}],"document_number":"2020-08216","effective_on":"2020-04-17","end_page":21318,"executive_order_notes":null,"executive_order_number":null,"explanation":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2020/04/17/2020-08216.xml","html_url":"https://www.federalregister.gov/documents/2020/04/17/2020-08216/real-estate-appraisals","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2020-08216?publication_date=2020-04-17","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2020-04-17/2020-08216/mods.xml","not_received_for_publication":null,"page_length":7,"page_views":{"count":4287,"last_updated":"2026-04-24 16:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2020-04-17/pdf/2020-08216.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2020-08216.pdf?1587041152","publication_date":"2020-04-17","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2020/04/17/2020-08216.txt","regulation_id_number_info":{"3064-AF48":null,"1557-AE86":null,"7100-AF87":{"issue":"202010","html_url":"https://www.federalregister.gov/regulations/7100-AF87/real-estate-appraisals-docket-no-r-1713-","title":"Real Estate Appraisals (Docket No: R-1713)","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202010&RIN=7100-AF87&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["1557-AE86","3064-AF48","7100-AF87"],"regulations_dot_gov_info":{"supporting_documents":[],"comments_count":10,"agency_id":"OCC","comments_url":"https://www.regulations.gov/docketBrowser?rpp=50&so=DESC&sb=postedDate&po=0&dct=PS&D=OCC-2020-0014","supporting_documents_count":0,"docket_id":"OCC-2020-0014","document_id":"OCC-2020-0014-0001","regulation_id_number":null,"title":"Real Estate Appraisals","checked_regulationsdotgov_at":"2023-02-28T18:38:24Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":21312,"subtype":null,"title":"Real Estate Appraisals","toc_doc":null,"toc_subject":null,"topics":["Administrative practice and procedure","Banks, banking","Consumer protection","Credit","Holding companies","Mortgages","National banks","Reporting and recordkeeping requirements","Savings associations","Securities","Truth in lending"],"type":"Rule","volume":85}