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#1989480 - 01/16/15 09:39 PM Eval vs. Appraisal for Exist. extension of credit?
rachelchri Offline
100 Club
Joined: Aug 2010
Posts: 165
We have a customer who refinanced their loan and added new money for new windows. The loan falls under the $250,000 threshold for the appraisal requirement, but since there was new money advanced would an appraisal be required? Or is an evaluation sufficient?

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#1989491 - 01/16/15 10:01 PM Re: Eval vs. Appraisal for Exist. extension of credit? rachelchri
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,294
Galveston, TX
If the total loan is still under $250,000 then you would just need to update your evaluation.
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#1989496 - 01/16/15 10:06 PM Re: Eval vs. Appraisal for Exist. extension of credit? rachelchri
rachelchri Offline
100 Club
Joined: Aug 2010
Posts: 165
awesome, thanks!

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