Answer:
No, unless it falls within the transaction amount threshold where only an evaluation (by a qualified person) is required instead of an appraisal.
First published on BankersOnline.com 8/8/11
Appraisal for Commercial Real Estate Refinance
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Question:
We have the opportunity to refinance a commercial real estate loan from a competitor. The subject property was appraised by an approved appraiser within the last 12 months. The appraisal was ordered by the competitor. The competitor bank won't release the appraisal directly to us, but the borrower has a copy. Our compliance officer says that we must order a new appraisal because accepting the copy from the borrower would violate the latest interagency appraisal guidance. Any options available besides a new appraisal?
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