§ 1005.457. Appraisal.
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/us/cfr/t24/s§ 1005.457·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A Direct Guarantee Lender shall have the property appraised in accordance with all applicable Federal requirements, including but not limited to the Uniform Standards of Professional Appraisal Practice, Equal Credit Opportunity Act (15 U.S.C. 1691-1691f), and the Fair Housing Act (42 U.S.C. 3601-19). HUD may establish alternative requirements to Uniform Standards of Professional Appraisal Practice, when necessitated by location and availability of an appraiser, and publish such alternative requirements in Section 184 Program Guidance.
(b)A Direct Guarantee Lender must select an appraiser identified on the Federal Housing Administration Appraiser Roster, compiled in accordance with 24 CFR part 200, subpart G. The Direct Guarantee Lender shall not discriminate on the basis of race, color, religion, sex (including gender identity and sexual orientation), disability, familial status, national origin, or age in the selection of an appraiser. HUD may establish guidance regarding the alternatives to the use of an appraiser identified on the Federal Housing Administration Appraiser Roster, when necessitated by a rural or remote location and the availability of an appraiser.
(c)A Direct Guarantee Lender and an appraiser must ensure that an appraisal and related documentation satisfy Federal Housing Administration, Fannie Mae, or Freddie Mac appraisal requirements, and both bear responsibility for the quality of the appraisal in satisfying such requirements.
(d)A Direct Guarantee Lender that submits, or causes to be submitted, an appraisal or related documentation that does not satisfy requirements under paragraphs
(a)through
(d)of this section may be subject to sanctions by HUD pursuant to §§ 1005.905 and 1005.907.
(e)The validity period of appraisals is 180 days or as provided by Section 184 Program Guidance.
(f)Where the initial appraisal report will be more than 180 days at closing, an appraisal update may be performed to extend the appraisal validity period prior to closing, in accordance with Section 184 Program Guidance. The updated appraisal is valid for one year after the effective date of the initial appraisal report; and
(g)The appraisal shall meet other guidance as prescribed in Section 184 Program Guidance.
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- 15 USC 1691-1691f
- 42 USC 3601-19
- 24 CFR 200
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§ 1005.457
Appraisal.
Cite15 USC 1691-1691f
Cite42 USC 3601-19
Cite24 CFR 200
Cites 3Cited by 0 across 0 sources