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#2251308 - 03/26/21 03:59 PM Appraisal Requirements on OREO
Nicole Offline
100 Club
Joined: Nov 2018
Posts: 127
Hello, are we required to get full appraisals on O.R.E.O if values are over $400,000 or can we just do evaluations if we have an existing appraisal?

thank you!

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Lending Compliance
#2251312 - 03/26/21 04:41 PM Re: Appraisal Requirements on OREO Nicole
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,649
Galveston, TX
Who is your regulator and what State are you in?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2251316 - 03/26/21 05:03 PM Re: Appraisal Requirements on OREO Nicole
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,649
Galveston, TX
I ask because this is what the OCC says if you are regulated by them, by other regulators and States may have different requirements .

If the bank has a valid and compliant appraisal or evaluation that was previously obtained in connection with the underlying real estate loan, however, the bank does not need to obtain a new appraisal or evaluation to comply with these regulations. Section XIV, “Validity of Appraisals and Evaluations,” of the “Interagency Appraisal and Evaluation Guidelines” states that banks should establish criteria for assessing whether an existing appraisal or evaluation remains valid and discusses factors that should be considered in such an assessment.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2251317 - 03/26/21 05:03 PM Re: Appraisal Requirements on OREO Nicole
Nicole Offline
100 Club
Joined: Nov 2018
Posts: 127
We are in New Mexico and FDIC regulated

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#2251320 - 03/26/21 05:39 PM Re: Appraisal Requirements on OREO Nicole
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,649
Galveston, TX
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2251322 - 03/26/21 06:10 PM Re: Appraisal Requirements on OREO Nicole
Nicole Offline
100 Club
Joined: Nov 2018
Posts: 127
Thank you!

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