Appraisals.

CFR · 2024-01-01 · US · Title 7

(a) (1) Real estate and chattel appraisals made in connection with the making and servicing of direct FLP and Non-program loans; and (2) Appraisal reviews conducted on appraisals made in connection with the making and servicing of direct and guaranteed FLP and Non-program loans. (b) (2) When a chattel appraisal is required, it must be completed on an applicable Agency form (available in each Agency State Office) or other format containing the same information. (c) (1) The appraisal was completed within the previous 18 months and the Agency determines that: (i) The appraisal meets the provisions of this section and the applicable Agency loan making or servicing requirements; and (ii) Market values have remained stable since the appraisal was completed; or (2) The appraisal was not completed in the previous 18 months, but has been updated by the appraiser or appraisal firm that completed the appraisal, and both the update and the original appraisal were completed in accordance with USPAP. (d) (2) With respect to a chattel appraisal, the Agency may conduct an administrative appraisal review. (e) (1) When an applicant or borrower challenges a real estate appraisal used by the Agency for any loan making or loan servicing decision, except primary loan servicing decisions as specified in § 766.115 of this chapter, the issue for review is limited to whether the appraisal used by the Agency complies with USPAP. The applicant or borrower must submit a technical appraisal review prepare

official document · source cfr-2024 · id 7:§ 761.7