In response to COVID-19, the FDIC issued an interim final rule to temporarily defer real estate-related appraisals and evaluations for up to 120 days after closing of residential or commercial real estate loan transactions. Transactions involving acquisition, development and construction of real estate are excluded from this interim rule.
The Interim Final Rule states that “While appraisals and evaluations can be deferred, the agencies expect institutions to use best efforts and available information to develop a well-informed estimate of the collateral value of the subject property.”
Pro Teck has been able to fulfill all client orders during these trying times. Our large National Network of dedicated appraiser and broker/agent partners have been able to complete requested appraisals and other valuation orders and use flexibility guidance when needed. Also, Pro Teck’s VALIDITY virtual homeowner-led inspection provides a comprehensive inspection alternative when access to the property is not possible.
To learn how Pro Teck is meeting client expectations and reducing lender risk in today’s environment with VALIDITY homeowner-led inspections or any of our products and services, please contact your Pro Teck Representative or email firstname.lastname@example.org.