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.
