Removing Barriers Blog

CUNA Supports Deferral of Appraisal Requirement
Posted June 03, 2020 by dyi

Today, CUNA filed a letter in support of the NCUA’s interim final rule to temporarily defer the appraisal requirement. 

Under the rule, deferrals of appraisals and written estimates of market value will allow for expeditious access to credit. We believe this will minimize instances of borrowers experiencing delays in obtaining funds needed to meet immediate and near-term financial needs.

We ask the NCUA to provide clear guidance to address instances where a final valuation differs from the initial assessment. In such cases, the NCUA should not require the credit union to take any action pertaining to the borrower and the loan at issue. Such an approach makes the most sense from a logistical standpoint and also reduces instances of confusion among members, who could otherwise learn they must pay more toward a finalized loan following a deferred appraisal.