Lending

Feds Raise Appraisals Threshold to $400,000

Federal banking agencies have announced a rule that raises the floor for home sales requiring an appraisal from $250,000 to $400,000. So reports Financial Regulation News.

The change to the threshold, which had not been lifted since 1994, aims to make real estate transactions less burdensome without endangering the health of financial institutions.

The rule was adopted by the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, in consultation with the Consumer Financial Protection Bureau.

Read the full article from Financial Regulation News.

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