We have a consumer loan secured $1,000,000 house and adjacent lot under different deed.

Do we need two appraisals or can we do in-house eval on lot. I am looking at § 225.63 Appraisals required; transactions requiring a state certified or licensed appraisers. I think we need two appraisals. Any thoughts?

Thanks!

I believe the Interagency Guidelines clarified that each property can be looked at separately and those valued under the applicable threshold could have an evaluation in lieu of an appraisal, even though the loan amount exceeds the threshold. I'd confirm that yourself in the Guidelines though as i'm not 100% certain and don't have time right now to find it myself.

I agree with raitchjay. Unless that lot is roughly valued at over $250k you could get an eval on it and not two full blown appraisals.