WASHINGTON–NCUA has joined with other federal regulators in announcing plans to help facilitate recovery efforts from the wildfires that struck Maui in 2023.
Specifically, the agencies said they have temporarily paused certain appraisal requirements for real estate-related transactions in Maui County.
“This temporary action is expected to allow banks and credit unions to work with families and businesses without obtaining an appraisal,” the agencies said. “Banks and credit unions will still be required to determine that the value of the real estate supports the institution’s decision to enter into the transaction.
“As a result of this temporary action, financial institutions will be better able to lend or modify loans in areas where wildfire damage has made appraisals challenging to obtain and reduce loan processing times, helping to facilitate recovery from the disaster.”
The regulators said the action will expire on August 10, 2026, and that they will monitor institutions’ real estate lending practices to help ensure the transactions are being originated in a safe and sound manner.
Now With Free Shipping! The CUToday.info Daily News Email Keeps Getting Better!
The biggest, best and freshest news reporting in credit unions remains free, and now has an added bonus---free shipping to your email address! That’s right. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?