Pennsylvania Code
Title 10 - BANKING AND SECURITIES
Part II - Bureau of Banks
Chapter 13 - LOANS
REAL ESTATE LOANS
Section 13.31 - Reappraisals of liened properties

Universal Citation: 10 PA Code ยง 13.31

Current through Register Vol. 54, No. 44, November 2, 2024

(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.

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