NCUA adopts two rules on appraisals

first_img continue reading » At its April 16, 2020 meeting, the NCUA Board adopted two rules relative to the requirement to obtain an appraisal on certain real-estate related transactions. First, the Board amended the appraisal rule to increase the threshold where a formal appraisal may be required from $250,000 to $400,000. Second, the Board adopted an interim final rule defers the requirement for obtaining an appraisal or valuation requirement for up to 120 days after closing. These changes went into effect on April 21, 2020 and are effective through December 31, 2020.As background, NCUA’s appraisal requirements in Part 722 depend on the risk posed by the loan. The requirements defines two different levels of appraiser credentials: a state licensed appraiser or a state certified appraiser. NCUA’s appraisal regulation requires an appraisal performed by a state certified or state licensed appraiser for real-estate related financial transactions that are not complex, involves residential real estate, and the transaction value not guaranteed under a government agency or government sponsored agency is under the threshold in the rule. An appraisal by a state certified appraiser is required for all transactions of $1,000,000 or more; and “complex” residential real estate transactions where the transaction value not guaranteed under a government agency or government sponsored agency is over the threshold in the rule. For some additional background, check out this NAFCU Compliance Blog post.Many may recall that a few months ago, federal banking regulators increased the threshold for when certain real estate transactions would require a formal appraisal from $250,000 to $400,00 back in September 2019. In contrast, NCUA still kept the threshold for credit unions at $250,000. NAFCU advocated for parity for credit unions, and NCUA’s final rule does this. This rule will become effective upon publication in the Federal Register. In Letter to Credit Unions 20-CU-10, released yesterday evening, NCUA summarized this change accordingly: ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Badly decomposed body located in Loxahatchee

first_imgThe Palm Beach County Sheriff’s Office is currently investigating after a decomposed body was found  in Loxahatchee on Friday.According to the report, the body was located around 12:30 pm in by workers in area of E. Brighton Drive, just east of Seminole Pratt Whitney Road.Authorities have not released to identity or the gender of the person at this time, however, they did report that the death is considered suspicious and that PBSO’s Violent Crimes Division has joined the investigation.Officials also reported that they do not have any information on the person or a motive in this case.If you believe you have any information regarding this case, you are asked to Crime Stoppers of Palm Beach County at 1-800-458-TIPS.last_img read more

Behind the scenes of Costa Ricas latest travel promo

first_img Facebook Comments Imagine being witness to a brave soul in Costa Rica rappelling down a waterfall- covered cliff, or taking in the landscape surrounding a majestic volcano.The Costa Rican government’s “Gift of Happiness” tourism campaign features these scenes and more in a recently released promotional video to be shown in U.S. theaters.Back in October, a nine-man crew equipped with 50 pieces of luggage and six high-definition video cameras arrived in Costa Rica to start the project, gathering footage of activities and places that would give viewers a fresh look at the country.The promotional video is a joint project of the Costa Rican Tourism Board (ICT) and Atlanta-based advertising company 22squared. Its purpose is to encourage U.S. and Canadian tourists to visit Costa Rica during the rainy season, which began a week ago and lasts through November.Director Patrick Pierson, a U.S.-based freelancer, filmmaker, and video editor, describes himself as a man who “can’t put a camera down even [when he’s] on vacation.”Although the video lasts only about 60 seconds, it took several grueling days of filming in locations across the country. It will be shown in theaters across the United States through June, and in Canada in November.The video shows incredible highlights of Costa Rica and its people, and extra footage will be used in an iPad app called “Go Costa Rica,” to be released in June. The app is designed to help tourists plan trips to Costa Rica, among other services.The publicity campaign also plans to make use of social media networks such as Facebook, Instagram and Pinterest.The ICT gave filmmakers a list of sites, and they set out to document more than 50 locations across the country.Although crew members planned each day what they would film, Pierson left room for spontaneity, giving the final video a very “real-life” feel, he said.The crew spent less than two days in each location, and had only a few hours a day to take advantage of light. They used cinematic cameras and shot footage in a mixture of documentary and action styles, he said.Challenges included long hours on the road and little sleep – members of the crew caught about six hours of sleep a day – and “putting together all those locations and making it work,” said Andrés Madrigal, a Costa Rican photographer who helped coordinate the shoot.One of the unique things about the campaign, Madrigal said, is that no professional actors were used. Instead, local Costa Rican residents became the stars of the film.Pierson said he is proud of the work, despite the grueling schedule. And Costa Ricans, he said, are “the most friendly, the most helpful, the most humble people. Everyone was extremely gracious.” No related posts.last_img read more