Press Release
☷Agencies take temporary action on appraisal requirements in area affected by Hawaii wildfires
Federal Reserve System ( By Press Release office)
Mar 14,2024
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To help with recovery efforts from last year ' s wildfires in Hawaii , four federal regulatory agencies have temporarily relaxed some appraisal requirements for real estate transactions in Maui County . This means that banks and credit unions can work with families and businesses without needing to get an appraisal , as long as they confirm that the property ' s value supports their decision to proceed . This change will make it easier for financial institutions to provide loans or make modifications in areas affected by wildfires where getting appraisals has been difficult , ultimately speeding up the loan process and aiding in recovery efforts . This temporary measure will be in place until August 10 , 2026 , and the agencies will be monitoring real estate lending practices to ensure they are being done responsibly . Check out the Federal Register notice for more details on the temporary exceptions to appraisal requirements in Maui County due to the Hawaii wildfires .
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