405.10: Remaining Economic Life

Because our appraisal report forms that are used for manually underwritten mortgages are designed to meet the needs of several different user groups, they address the remaining economic life for the property being appraised.  However, the appraiser does not need to report the remaining economic life for a mortgage that will be delivered to us.  Even if the appraiser does report this information, the lender does not need to consider it because any related property deficiencies will be discussed in the sections of the appraisal report that address the improvements analysis and comments on the condition of the property.  We have no requirement that the mortgage term have any correlation to the remaining economic life of the property.