REAL ESTATE LOANS
- (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).