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#191098 - 05/17/04 10:23 PM Time limit on appraisals
Anonymous
Unregistered

Does FIRREA state that a commercial appraisal report must be less than a year old to be compliant?

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Lending Compliance
#191099 - 05/17/04 10:36 PM Re: Time limit on appraisals
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
In no way ! (and neither does the USPAP)
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#191100 - 05/18/04 03:50 PM Re: Time limit on appraisals
Anonymous
Unregistered

Does that mean that I can use an appraisal from 2 years ago for a current loan?

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#191101 - 05/18/04 03:52 PM Re: Time limit on appraisals
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
Sure, if that complies within your board approved appraisal policies and the policy must specifically address the reuse of appraisals and the bank's requirements for such.
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