To help facilitate recovery efforts from last year’s wildfires in Hawaii, federal banking regulators temporarily paused certain appraisal requirements for real estate-related transactions in Maui County.
Agencies announce appraisal relief for Hawaii
March 14, 2024 / By ICBA
To help facilitate recovery efforts from last year’s wildfires in Hawaii, federal banking regulators temporarily paused certain appraisal requirements for real estate-related transactions in Maui County.
To help facilitate recovery efforts from last year’s wildfires in Hawaii, federal banking regulators temporarily paused certain appraisal requirements for real estate-related transactions in Maui County.
Details: To qualify for the exception, institutions must determine that:
The transaction involves real property located in the area designated as adversely affected by the major disaster.
There is a binding commitment to fund the transaction that was entered into on or after Aug. 10, 2023, but no later than Aug. 10, 2026.
The value of the real property supports the institution’s decision to enter into the transaction.
Impact: The agencies said the action is designed to allow financial institutions to work with families and businesses without obtaining an appraisal.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
