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!

Who is your regulator and what State are you in?

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.

We are in New Mexico and FDIC regulated

See 58-1-25

NM Statutes

and

https://www.fdic.gov/regulations/safety/manual/section3-6.pdf

Thank you!