On April 21, 2020 the National Credit Union Administration (“NCUA”) published an interim final rule in the Federal Register (85 FR 22014 [2020]), which amends 12 C.F.R. § 722.3 by including a new Subsection (g) which permits credit unions to defer, for up to 120 days from closing, the completion of an appraisal or written estimate of market value on “all residential and commercial real estate-secured transactions, excluding transactions for acquisition, development, and construction of real estate.”
This interim rule took effect on April 21st and will remain in effect until December 31, 2020.
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (https://compliance.docutech.com/).
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