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d. Appraisal (05/09/2022)
The Lender must obtain an appraisal of the secured Property in compliance with Appraiser and Property Requirements for Title I Loans. The Lender must obtain the appraisal as soon as possible after repossession, or earlier with the permission of the Borrower. The appraisal must be performed on the home site unless the site owner requires that the home be removed before the appraisal can be performed. The appraisal must reflect the current value of comparable Manufactured Homes in similar condition and in the same geographic area where the repossession occurred. The appraised value is part of the calculation of the insurance claim payment.
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IV. CLAIMS AND DISPOSITION D. Title I Disposition
2. Property Disposition of Manufactured Homes