12 C.F.R. § 34.85 Appraisal requirements.
Title 12 - Banks and Banking
(a) General. (1) Upon transfer to OREO, a national bank shall substantiate the parcel's market value by obtaining either: (i) An appraisal in accordance with subpart C of this part; or (ii) An appropriate evaluation when the recorded investment amount is equal to or less than the threshold amount in subpart C of this part. (2) A national bank shall develop a prudent real estate collateral evaluation policy that allows the bank to monitor the value of each parcel of OREO in a manner consistent with prudent banking practice. (b) Exception. If a national bank has a valid appraisal or an appropriate evaluation obtained in connection with a real estate loan and in accordance with subpart C of this part, then the bank need not obtain another appraisal or evaluation when it acquires ownership of the property. (c) Sales of OREO. A national bank need not obtain a new appraisal or evaluation when selling OREO if the sale is consummated based on a valid appraisal or an appropriate evaluation.
Title 12: Banks and Banking
PART 34—REAL ESTATE LENDING AND APPRAISALS
Subpart E—Other Real Estate Owned
§ 34.85 Appraisal requirements.
