conventional rate and term refinance

For a conventional rate and term refinance, if the borrower purchase the property less than 1 year ago may we use the current appraised value?

Yes. There is no seasoning on conventional loans and the new appraised value may be used. The underwriter will determine if the value is reasonable and determine whether an appraisal review is required. We would also determine if there is a net tangible benefit to the borrower.