Are the Interagency Guidelines a “Must” follow set of rules that apply to all real estate transactions?
I have been told the recent $500,000 threshold increase for real estate evaluations applies ONLY to commercial property. Is that correct?
Should my appraiser be including an “As Is” value in all appraisal reports for Federally Related Transactions?
For renewal transactions, what is the threshold limit for evaluations?
Does the $1,000,000 business loan threshold for evaluations apply to farmland?
Are there any certain items I should be reviewing for if an appraiser only completes one approach to value in an appraisal report?
I have questions that bother me when I dealing with a commercial real estate transaction where a residential property is taken as collateral. When does the Notice of Right to Receive a copy of an Appraisal apply? I have seen many different concepts in the internet regarding to dwelling:
- A 1-4 residential property which is the borrower or guarantor's principal residence;
- Any 1-4 residential property which is the borrower's principal residence, and it is going to be refinanced; or
- Any 1-4 residential property taken as collateral in the commercial real estate transaction.
I would like somebody clarify which is in compliance. I am in Florida if that matters.
Can the bank use information from approved closed-end mortgage loan applications (ie property LTV) to offer a pre-qualified HELOC product? Could the bank have the borrower sign an authorization at application of the closed-end loan that indicates the bank may use the information obtained to
offer them other credit products that they might be interested in?
Two years ago we granted a new loan and took a first mortgage on a piece of vacant land as collateral. The loan is now going through a renewal. While completing the evaluation, we learned that the borrower; using his own cash, built a home on the property that’s encumbered. The way our mortgage reads, we have interest in ... all existing or subsequently erected or affixed buildings, improvements, and fixtures...
When we complete the valuation report, should the value of the home be included in the report and furthermore, if so, should the report be mailed to the borrower under Regulation B?
A consumer wants to construct a barn on a vacant piece of property. This would be a TRID loan. The consumer already owns the property, but we do not know if we can get an appraisal that will support a loan that is just a "barn and land" loan. Can we collect an appraisal fee upfront, since we do not know if we will even be able to do the loan until we have an appraisal, and how would this effect the disclosure process?