Evaluation or Appraisal

Hello,

iI we have a small dollar amount loan request to purchase a rental property, can we do an evaluation or do we have to get an appraisal?

Thank you!

If it is under the interagency threshold for requiring an appraisal, an evaluation is fine. Your institution should already have extensive board approved appraisal and evaluation policies addressing this,

we normally would require and appraisal on all new loans, however with the timeframe these appraisal are taking we are thinking of changing our policies to allow evaluations under a certain threshold. Thank you!

Have you compared the definitions of Appraisal and Evaluation...in my opinion they are nearly identical as to what is required to come up with a value.