WASHINGTON (Reuters) – Residential real estate transactions under $400,000 would no longer require an appraisal under a proposal announced Tuesday by U.S. banking regulators.
The Federal Reserve Board said the current threshold for appraisals of $250,000 has not been raised since 1994, as it proposed the rule in conjunction with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency. The regulators are seeking public comment on the change.
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