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It is my understanding that if we are extending new funds on a residential, commercial or farm property and you have an appraisal that is over 1 year old we must obtain a new appraisal. Where is that cited in the regulations related to the 1 year timing issue?
Take a look at #27: https://www.fdic.gov/news/news/financial/2005/fil2005a.html
Look at page 77461, XIV Validity of Appraisals and Evaluations: https://www.occ.gov/news-issuances/federal-register/75fr77450.pdf
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