When determining property value, we utilize total value of collateral, correct?

Situation where officer obtained CLTV by using remaining equity available of property value. So I'm confused to whether I report total value of 2 properties, or value of equity available for 2 properties since that's what the file shows was used to calculate the CLTV.

Or perhaps I report total property value for both and CLTV would just possibly be a quality error.

Can anyone lead me out of the weeds??

If the loan officer did not use (rely on) the total value of the property and the total debt against the property then how did they calculate the equity value?

Ah, now I get it. Thanks Dan, that's the help I needed!