REAL ESTATE LOANS
§ 13.31. Reappraisals of liened properties.
(a) If the payments of interest on regularly amortizing real estate obligations are in arrears for 90 days, the institution shall file a current certificate of inspection to support the delinquent debt, unless an appraisal or inspection has been made within 1 year of the delinquency and the proper certification is on file.
(b) Loans not subject to a regular amortization schedule shall be supported by reappraisals made once within every 3 year cycle.
(c) If obligations are increased for any reason or if new instruments are written to cover the same liened premises, other than in connection with rollover or renegotiated rate mortgages, a current appraisal of the property shall be on file.
Source The provisions of this § 13.31 adopted by Secretary’s Letter ‘‘B’’, dated May 25, 1965, and amended by Secretary’s Letter ‘‘E’’, dated February 28, 1966; amended through December 5, 1980, effective December 6, 1980, 10 Pa.B. 4592. Immediately preceding text appears at serial page (23468).
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