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#1088913 - 11/27/08 01:47 AM Assignments
trainer53 Offline
Member
trainer53
Joined: Dec 2001
Posts: 85
Thoughts anyone. Taking assignment of mortgage to secure in-house loan. Loan amount is greater than $250,000. Updated appraisal needed? Existing appraisal was done about three years ago. I'm thinking we need full due diligence on the existing mortgage (payment history, balance, value to support new loan, etc.)

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#1089482 - 12/01/08 02:57 AM Re: Assignments trainer53
ropingbanker Offline
100 Club
Joined: May 2006
Posts: 140
Out West
I would think that since the loan amount is greater than $250M, your policy should state that you get a new updated appraisal. Our policy states that appraisals are only good for 6 months. I would have to agree that full due diligence would be the only safe way to go. It's always better to do to much work and be over prepared for questions from your B.O.D. or worse yet auditors than to have to try to CYA if a problem arises.

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