What is required on all loans with a loan-to-value ratio higher than 80%?

When a loan-to-value (LTV) ratio exceeds 80%, lenders typically require mortgage insurance to protect themselves against the risk of default. Mortgage insurance provides coverage to the lender in the event that the borrower fails to repay the loan, which is more likely when the borrower has a lower equity stake in the property. This insurance allows borrowers to secure a loan with a smaller down payment while demonstrating to the lender that there is an additional layer of protection.

In this context, even though a property appraisal might still be necessary to determine the fair market value of the property, the specific requirement related to the loan-to-value ratio being above 80% is the need for mortgage insurance. A tax certification and equity assessment are less relevant to this specific financial arrangement. Thus, the correct answer focuses on the necessity of mortgage insurance in such lending scenarios.