January 29, 2020
NASCUS SUPPORTS NCUA RAISING THE RESIDENTIAL APPRAISAL THRESHOLD TO $400,000
ARLINGTON, Va. – In response to NCUA’s request for comments on Proposed Rule: Real Estate Appraisals (RIN 3133-AE98), NASCUS wrote a comment letter supporting NCUA’s proposal to increase the threshold level below which licensed or certified appraisals (appraisals) would not be required for residential real estate-related transactions from $250,000 to $400,000.
“We find the proposed rule balances safety and soundness, consumer protections, and the ability of borrowers and lenders to close transactions in an efficient and cost-effective manner, while establishing a threshold appropriate for today’s residential real estate market” wrote NASCUS Executive Vice President and General Counsel Brian Knight in the association’s official comment letter.
NASCUS also goes a step further in offering support an even higher threshold. “We believe there is merit to considering $500,000 as a threshold. However, we do not fault NCUA for taking a more cautious approach.” Knight asserts that “state regulators remain committed to working with NCUA to ensure all lending is conducted in a safe, sound and efficient manner and encourages NCUA to continue working with state agencies to address appraisals.”
Shelton Roulhac, Vice President, Communications, firstname.lastname@example.org or (703) 528-5974
NASCUS is the national association that advocates for a strong and healthy state credit union system, and whose members include state regulatory agencies, credit unions, credit union leagues, and organizations that support the state credit union system.