OCC Seeks Public Comment on Raising Appraisal Exemption Threshold

HousingWire, Dec. 5, 2018–Kelsey Ramirez
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency recently released a proposal that would increase the appraisal requirement from $250,000 to $400,000, meaning that certain home sales of $400,000 and below would no longer require an appraisal. This would be the first increase to the threshold since 1994.