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When processing an application for a property located in the state of New York, what value should be utilized to determine if mortgage insurance is required, the appraised value or the sales price?

April 26, 2017application determine located mortgage insurance new york Property State utilized value

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When processing an application for a property located in the state of New York, what value should be utilized to determine if mortgage insurance is required, the appraised value or the sales price?

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In the state of New York, the appraised value is utilized to calculate the LTV when determining whether mortgage insurance is needed. Then the lesser of the appraised value or sales price is utilized to calculate the LTV for the purpose of determining the level of coverage needed.