34.85—Appraisal requirements.
(a) General.
(1)
Upon transfer to OREO, a national bank shall substantiate the parcel's market value by obtaining either:
(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.