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Joint Press Release
April 14, 2020

Federal banking agencies to defer appraisals and evaluations for real
estate transactions affected by COVID-19
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
National Credit Union Administration
Consumer Financial Protection Bureau
For release at 6:00 p.m. EDT

The federal banking agencies today issued an interim final rule to temporarily defer real estate-related
appraisals and evaluations under the agencies' interagency appraisal regulations. The Federal Reserve
Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are
providing this temporary relief to allow regulated institutions to extend financing to creditworthy households
and businesses quickly in the wake of the national emergency declared in connection with COVID-19.
The agencies are deferring certain 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. These temporary provisions will expire on December 31,
2020, unless extended by the federal banking agencies.
The National Credit Union Administration (NCUA) will consider a similar proposal on Thursday, April 16.
In addition, the federal banking agencies, together with NCUA and the Consumer Financial Protection
Bureau, in consultation with the Conference of State Bank Supervisors, issued a joint statement to address
challenges relating to appraisals and evaluations for real estate-related financial transactions affected by
The interagency statement outlines other flexibilities in industry appraisal standards and in the agencies'
appraisal regulations and describes temporary changes to Fannie Mae and Freddie Mac appraisal standards
that can assist lenders during this challenging time. The agencies will continue to communicate with the
industry, as appropriate, as this situation evolves.

Interim Final Rule (PDF)
Interagency Statement (PDF)
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Media Contacts:

Federal Reserve Board

Last Update: April 20, 2020

Susan Stawick
Marisol Garibay
Brian Sullivan
Ben Hardaway
Bryan Hubbard

(202) 452-2955
(202) 435-7170
(202) 412-1436
(703) 518-6333
(202) 649-6870

Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102