Answer:
See: https://www.fdic.gov/regulations/laws/rules/5000-4800.html
XIV. Validity of Appraisals and Evaluations
It should already be outlined in your board approved policy
Re-use Appraisal for Purchase Loan?
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Question:
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?
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