In the April 21, 2020, Federal Register (85 FR 22014), the National Credit Union Administration (NCUA) adopted an interim final rule deferring the regulatory requirement for credit unions to obtain an appraisal or written estimate of market value for up to 120 days following the closing of a transaction for residential and commercial real estate transactions, excluding transactions for acquisition, development, and construction of real estate.

The interim final rule (herein Rule) is effective April 21, 2020 through December 31, 2020. The Rule provides that covered real estate transactions closing on December 31, 2020 are also eligible for the Rule’s 120-day appraisal or written estimate of market value deferral

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