To go along with Randy's quote this is also from page 9 of the Interagency Guidelines.
Further, the Agencies revised the Guidelines to confirm that the result of an automated valuation model (AVM), in and of itself, does not meet the Agencies’ minimum appraisal standards, regardless of whether the results are signed by an appraiser.
Transactions over the applicable threshold require an appraisal.
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The opinions expressed are mine and they are not to be taken as legal advice.