When should a copy of the appraisal be given to the borrower on a commercial loan before closing?
We have been notified by the borrower that an appraisal was completed by an appraiser on our approved list recently on their property. Can we contact that appraiser and ask them to readdress the report to our bank?
We do not review evaluations since they are completed in-house by an officer of the bank. Is this acceptable?
When is an “As Is” value required?
Our current review form consists of a checklist of about 10-15 questions and we use the same forms for all of our reports. Is this form detailed enough for our in-house review process?
If an Appraisal value has been received, should the appraised value be listed as an estimated property value or property value on the loan estimate?
What are the regulators’ requirements for the reviewer? Do they need to be an appraiser?
Our lender has a pending loan on farmland for over $1 million. A new appraisal has been completed on the ground to be purchased. Another piece of farmland currently securing other loans will also be also securing the loan. (This is not as an abundance of caution.) An appraisal was done on that property in 2016 and there have been no material changes. Can we re-use that 2016 appraisal for this purchase loan?
Can a Bank use a "Board-approved" Estimate (number only) to satisfy the evaluation requirements if an appraisal is allowed to be waived due to the transaction amount being less than $500,000?
Is an appraisal required prior to foreclosure of commercial property and would an evaluation suffice?