For certain transactions (e.g., those that are below the de minimis), the NCUA allows credit unions under its jurisdiction to obtain a written estimate of market value in lieu of an appraisal. According to the agency’s regulations, individuals who prepare ‘written estimates of market value’ must be sufficiently qualified; however, the agency has also opined, “an AVM can be used to meet the valuation requirement in conjunction with review by a loan officer or an individual with knowledge, training, and experience in the real estate market where the loan is being made.”
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