Hello, we are doing an in house renewal/extension. The property is valued over 1 million however loan amount is about $300,000. We originally got an appraisal however for renewal can we do an evaluation if property is valued over 1 million?

Another question just for confirmation we only need a state certified appraiser and third party review if the transaction (loan amount is $1 million or over?

Thank you in Advance

Considering that your board of directors are required to approve detailed appraisal and evaluation policies, you would be best to consult your own internal policy, as it my differ slightly from the actual regulatory requirements depending on the risk appetite of your organization.