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"Board-approved" Estimate- Evaluation Requirements

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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?

I am not sure what you mean by a "Board-approved" estimate. If the evaluation that was performed meets the regulatory guidelines for completing a complete and sufficient evaluation and that evaluation process has been approved by the board, then the answer is yes.

First published on 07/11/2021

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