NCUA takes up appraisal rule, TCCUSF oversight budget today

first_imgThe NCUA Board today will vote on its final rule on appraisals, review the Economic Growth and Regulatory Paperwork Reduction Act and address the 2015 oversight budget for the Temporary Corporate Credit Union Stabilization Fund.The proposed final rule on appraisals would change the agency’s rules on providing appraisals for transactions involving existing extensions of credit and on the availability of copies of appraisals for members who request them. The NAFCU-supported proposed changes are part of the association’s “Dirty Dozen” list of rules and regulations ripe for change or elimination. NAFCU has written NCUA multiple times encouraging the changes.The proposed rule would eliminate the requirement for credit unions to retain copies of all appraisals and documentation related to first-lien mortgage loans; this is unnecessary since the member receives the full appraisal report. It would also revise language on when a transaction is not a part of the appraisal requirement; the change would allow foregoing the appraisal if the transaction does not involve new money (except closing costs) or there has been no material change in market conditions or the condition of the property itself.Regarding the board’s 2015 oversight budget for TCCUSF, NCUA updated its information on the costs of the Corporate Resolution Program and the Guaranteed Notes Program, saying in November that the upper and lower ends of the TCCUSF assessment range remain negative – which means it is unlikely credit unions will be charged assessments in the future. At the board’s November meeting, staff said no assessment is likely next year and that any share insurance premium would likely be in the range of 0 to 5 basis points. continue reading » 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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