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The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency very recently agreed to raise the threshold for commercial loans requiring real estate appraisals from $250,000 to $500,000. This is the first change to the appraisal threshold in 23 years. As a result of the new rule, thousands of commercial real estate loans are exempt from appraisals but will require “evaluations”—and that raises many questions
At this timely track, PRISM attendees will hear the answers from Robert Parson, a respected appraisal expert and former OCC Senior Appraisal Policy Advisor. Parson closely followed the rule’s development, the industry’s public comments and how the agencies ultimately responded to that input.