ALEXANDRIA, Va. — NCUA issued a legal opinion letter stating that an automated valuation of real property does not meet the requirement for an appraisal by a state-certified or licensed appraiser for all real estate-related transactions with nine exceptions.

Two of these financial transactions, while exempted from the formal appraisal requirement, are still required to provide a “written estimate of value.” They are a second mortgage under $250,000 and refinancing with no additional extension of credit.

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