We have a loan where the borrower died, the person inheriting the property wants to refinance the loan to pay off the existing debt. Can we use the original appraisal since this new request is to a different borrower?

What was the time period between initial loan and now

what does your credit policy state

what does your investor require

The initial loan was less than a year ago. We would use this appraisal on a new loan to the same borrower. No policy issues and no investor involved.

Another thing to consider would be the HPML rule if this rule applies. If it does and exemptions do not apply then I don't think you have a choice but to have a new outside appraisal.

It's a farm and not subject to Reg Z so no HPML issues.

That's fine, but is the purpose of the new credit for:

"planting, propagating, nurturing, harvesting, catching, storing, exhibiting, marketing, transporting, processing, or manufacturing of food, beverages (including alcoholic beverages), flowers, trees, livestock, poultry, bees, wildlife, fish, or shellfish by a natural person engaged in farming, fishing, or growing crops, flowers, trees, livestock, poultry, bees, or wildlife"?

Both the original and new loans are without a doubt farm purpose and not subject to Reg Z or consumer purpose.