April 2, 2018 (UPDATED) – The Agencies have finally released ‘The Final Rule’ for updates to FIRREA. A copy of the document can be found at:
The main change is increasing the de minimus level for commercial real estate transactions from $250,000 to $500,000. Although this might seem significant, it is basically an adjustment for inflation from the last change to $250,000 in 1994.
Also, the definition of ‘commercial real estate transaction’ has been updated.
The changes are not in effect until published in the Federal Register, I will update this post when this occurs. UPDATE – This document is now live as it is in the Federal Register.
Financial institutions should update their appraisal/evaluation policies accordingly.