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

Winnebago Industries announces layoffs of 79 employees

first_imgFOREST CITY — Winnebago Industries says they are laying off some employees as it’s resuming some production after a shutdown. The company says 79 positions were being eliminated in response to what they term as a “dramatic shift in demand” for their products. Winnebago employs  about 2000 people in north-central Iowa and about 5500 in total nationwide. The outdoor lifestyle products company suspended production nationwide on a temporary basis on March 23rd. The company’s specialty vehicles line in Forest City as well as their Chris-Craft boats production lines went back to work starting this past Monday. The company says their motorhome production, Grand Design, and Newmar facilities are scheduled to start back up on May 4th, with the towables line starting back on May 18th.last_img read more

GARDA AND PSNI SEARCH ENDS AS PENSIONER FOUND SAFE AND WELL

first_imgA missing Derry pensioner, thought to have been in Co Donegal, has been found safe and well.A spokesman for the PSNi and Gardai confirmed that 86 year old William Doherty, who has been missing since the 20th August, was found this morning.No details of where he was located have been released William, who is from the Culmore Road area of Derry, had been seen at a service station at the bottom of Glenshane Road at around 4.15pm on the 20th August 2014.He was driving a silver E320 Mercedes registration BUI 6000 and police believed he may have travelled to Belfast and then to Fermanagh, possibly crossing the border at Pettigo. GARDA AND PSNI SEARCH ENDS AS PENSIONER FOUND SAFE AND WELL was last modified: August 21st, 2014 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more