Important Updates

How long are case numbers valid once assigned to a property? January 15, 2009
January 15th, 2010 4:17 PM

Appraisal Validity Periods, Mortgagee Letter 2009-30

(Effective January 1, 2010)

This mortgagee letter changes the validity periods for appraisals. The

requirements set forth in this mortgagee letter will be effective for all case numbers

assigned on or after January 1, 2010.

This is a pretty simple change.

 

OLD REGULATION: By now I am sure you all know and understand that case numbers have a “shelf life” of (6) months for existing properties and (12) months for properties that are proposed and/or under construction. Once a case number is assigned to a property a new case number may not be ordered or assigned for (6) months for existing properties and (12) months for properties that are proposed and/or under construction.

 

NEW REVISED REGULATION: All case numbers assigned on or after January 1, 2010, will be valid for 120 days (4 months), regardless of property type. The (6) months for existing properties and (12) months for properties that are proposed and/or under construction rule no longer applies. It is now a simple (4) months from date assigned regardless of existing or proposed or new construction.

 

This should clear things up and make things a little simpler to understand and remember. Should you have any questions or concerns, please do not hesitate to call Hendricks Appraisal Services at 210-946-6868.


Posted in:General
Posted by Douglas E. Hendricks on January 15th, 2010 4:17 PMPost a Comment

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