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Commercial real estate appraisal. Commercial real estate appraisal. (Source: Shutterstock)

The NCUA board’s decision to increase the appraisal threshold for commercial real estate-related transactions from $250,000 to $1 million is “irresponsible, radical and dangerous,” the largest trade group representing appraisers said Thursday.

“This is an outlandish scenario for anyone who cares about the safety and soundness of the nation’s commercial real estate lending system, and it could recreate conditions that led to the financial crisis of the late 2000s,” Appraisal Institute President Stephen Wagner said. “The NCUA’s ill-conceived, damaging decision shows overwhelmingly the need for immediate, rigorous congressional oversight.”

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David Baumann

Credit Union Times

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