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I’m trying to think through this scenario:
If we make a new loan under the new appraisal rules, and it will be cross-pledged and secured by property that we already have pledged on another loan….do we need to get a new appraisal done for the new loan?
I can hear a loan officer saying, “We already have an appraisal on this property, and the appraisal is only 6 months old! Do you mean we have to get another appraisal just because we are making another loan secured by the same property??”
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