US banking regulators temporarily defer real estate appraisal requirements

[WASHINGTON] US banking regulators announced on Tuesday they were giving lenders more time to conduct appraisals on real estate transactions, in an effort to keep firms lending amid widespread "stay-at-home" orders.

Regulators said lenders would have an extra 120 days after closing real estate transactions to conduct required appraisals. The longer window will remain in place until the end of 2020, which regulators said would "allow regulated institutions to extend financing to creditworthy households and businesses quickly" amid the novel coronavirus pandemic.

REUTERS