WASHINGTON, Oct 17 (Reuters) - U.S. financial regulators moved on Tuesday to make it easier for real estate deals to get done in areas of the country ravaged by recent hurricanes, in a bid to boost recovery efforts.
Under the eased rules, banks and credit unions will be able to extend real estate loans without completing a formal appraisal, so long as properties are located in federally-declared disaster areas and deals can be funded within three years, the four regulatory agencies said in a joint statement.
The institutions will be required to maintain information estimating the collateral value supporting the loan, under the rules approved by the U.S. Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration, and the Office of the Comptroller of the Currency.
The areas targeted by the regulatory relief included Florida, Georgia, Puerto Rico, Texas and the U.S. Virgin Islands to aid victims of Hurricanes Harvey, Irma and Maria. (Reporting by Pete Schroeder; Editing by Andrew Hay)