N.Y. Comp. Codes R. & Regs. Tit. 3 § 80.7 - Appraisal
No junior mortgage loan shall be made except upon a written and signed certificate which states that the property securing such loan has been examined and which appraises the value of such property. For mortgage loans in an amount greater than $250,000, the appraised value shall be determined by an appraiser licensed or certified or working under the supervision of an appraiser who is licensed pursuant to article 6-E of the Executive Law.
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