Regulators have chosen to waive appraisals in areas that were hit by three devastating hurricanes just weeks ago. The move was made in order to aid the rebuilding process.
"The waiver will ensure that a shortage of appraisers, which could delay appraisals, will not slow down recovery efforts in areas most affected by Hurricanes Harvey, Irma and Maria," according to National Mortgage News.
"The order — issued by the Federal Reserve Board, Federal Deposit Insurance Corp., National Credit Union Administration and Office of the Comptroller of the Currency — allows banks and credit unions to extend credit for real estate transactions without an appraisal if lenders document the property value to support the loan."
The states that fall under the criteria include Georgia, Texas, Puerto Rico, Florida and the U.S. Virgin Islands. To learn more about the waiver, click on the image above.