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#2255069 - 06/09/21 05:37 PM 1026.42 question
MarxSpot Offline
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Joined: Jul 2016
Posts: 13
Customer has applied for a construction loan to build their home on 160 acres we are taking as collateral. The appraisal is taking several weeks and customer needs money soon. Credit has approved loan to close without complete "as will be" appraisal but wants valuation on the 160 acres (not valuing house). Since the home isn't being valued can the loan officer complete a valuation on the 160 acres without violating 1026.42? Thanks!

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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#2255071 - 06/09/21 05:43 PM Re: Can loan officer value land where home sits? MarxSpot
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
No. A loan officer would not be allowed to evaluate any real estate secured transaction under the appraisal and evaluation guidelines - let alone Regulation Z.
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