OCCFinal Rule
Temporary Exceptions: Financial Institutions Reform, Recovery, and Enforcement Act Appraisal Requirements in Los Angeles County as Affected by California Wildfires and Straight-line Winds
HousingFinance & BankingEnvironment
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Summary
This regulation temporarily relaxes rules that banks must follow when getting property appraisals in Los Angeles County, because recent wildfires and windstorms have made normal appraisals difficult or impossible. The change gives banks more flexibility to approve loans on damaged or threatened properties without waiting for standard appraisals, helping homeowners and businesses get financing faster during recovery.
Key Points
- 1Banks in Los Angeles County can skip some standard appraisal requirements temporarily when lending on properties affected by recent wildfires and straight-line winds
- 2This exception applies only to the Los Angeles County area and is meant to be temporary, helping speed up loans while the region recovers from natural disasters
- 3The regulation allows banks to use alternative methods to determine property value instead of requiring full professional appraisals, which may not be practical on fire-damaged land
- 4Homeowners and businesses trying to rebuild or refinance after wildfires can get loan decisions faster without the usual appraisal delays
- 5The rule is overseen by the OCC (Office of the Comptroller of the Currency), which regulates federal banks
Key Dates
Published
April 18, 2025
This summary is for informational purposes only. It may not capture all nuances of the regulation. Always refer to the official text for authoritative information.
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