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Temporary FIRREA Appraisal Requirements Exceptions Issued for Areas Affected by Storms, Flooding
On Tuesday, October 17, 2017, the OCC, the Board of Governors of the Federal Reserve, the FDIC, and the National Credit Union Administration issued a press release exempting real estate-related transactions from appraisal requirements in major disaster areas as declared by President Trump. The exemptions will be in effect for a three-year period from the date of declaration. Included are parts of Florida, Georgia, Puerto Rico, Texas, and the U.S. Virgin Islands. The agencies are providing relief from appraisal requirements for transactions involving real property under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and its implementing regulations.