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#1751463 - 10/23/12 04:30 PM New appraisal required for side note
Dodge Offline
100 Club
Joined: Mar 2010
Posts: 246
Have a loan secured by a piece of property with the value of $600,000. Our current loan is in the amount of $225,000. The borrower wants to do a small loan for $50,000 secured by the same property. Can we do a evaluation or is a new appraisal required?

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Lending Compliance
#1751546 - 10/23/12 06:32 PM Re: New appraisal required for side note Dodge
ComplianceNerd Offline
Member
ComplianceNerd
Joined: Jan 2011
Posts: 58
The appraisal exemption is based on the transaction value and not on the toal of liens.

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