August 8, 2012 - 11:03am
#1
Hi. Our Lending Policy indicates that we will obtain a professional appraisal report by a state certified or licensed appraiser if the transaction is over $250,000.00. Our Policy Committee would like to know if it is necessary to have the wording stated as "state certified or licensed". When would we use a state certified rather than a licensed or vice versa. Any input is appreciated.
