Estimated Value Or Loan Amount?

[TJSum]

Some States have different guidelines than others, so those who suggested to contact the State are correct.

Here is from the Maryland State regs...


License TypeScope of LicensureLicensed Real Estate AppraiserMay provide appraisal services in federally related transactions with:
1) non-complex one to four unit residential properties with a transaction value less than $1,000,000; 2) complex one to four unit residential properties having a transaction value of less than $250,000; 3) commercial properties having a transaction value of less than $250,000


If / when a licensed Appraiser does a report with a value approaching one million or more, it is a very good idea to State very clearly the restrictions of your license and that the client information given to you regarding the loan amount, so you are in full compliance. As appraisers, we never know when the loan amount changes after submitting the report, put this statement in to cover yourself.

 

[Vivian Bachner]

"Estimated Value Or Loan Amount? "

And factor in the complexity of assignment.

 

[EVAUSA]

[FONT=arial, helvetica, sans-serif][FONT=Arial, helvetica] (m) Transaction value means: [/FONT]
[FONT=arial, helvetica, sans-serif](1) For loans or other extensions of credit, the amount of the loan or extension of credit; [/FONT]
[FONT=arial, helvetica, sans-serif](2) For sales, leases, purchases, and investments in or exchanges of real property, the market value of the real property interest involved; and [/FONT]
[FONT=arial, helvetica, sans-serif](3) For the pooling of loans or interests in real property for resale or purchase, the amount of the loan or the market value of the real property calculated with respect to each such loan or interest in real property.[/FONT]

[FONT=arial, helvetica, sans-serif]http://www.FDIC.gov/regulations/laws/rules/6000-1700.html[/FONT]

[FONT=arial, helvetica, sans-serif]That's what the Feds say. Your state may have stricter requirements. It is possible that the client also has their own guidelines.[/FONT]
[/FONT]

I'm glad David posted this. Read #3, wouldn't many loans fit into this category, since they are sold in bulk to investors "pooling of loans"? Or am I misunderstanding what this means?