Tagged: FHA

FHA assignments survey 30

Survey about FHA Assignments

Tell them what it will take to get you to re-start FHA assignments. FHA Appraisers, A new ‘attitude’ survey about doing FHA assignments has been prepared by the Illinois Coalition of Appraiser Professionals (ICAP). ICAP has a planned meeting with FHA, and will use survey results in their discussion. ICAP has asked that I distribute this, and by association, anyone who gets this may re-distribute via any other outlet, email list, etc. Link to the survey. It will take 4 minutes +/- to do this survey, depending on if you add additional comments at the end. One item the survey...

Legal hotline advice concerning FHA inspections 18

Legal Hotline Advice Concerning FHA Inspections

Advice from the Virginia Association of Realtors Legal Hotline Mack Strickland, a dedicated founding member of VaCAP, recently contacted the Virginia Association of Realtors Legal Hotline concerning FHA inspections. He shared with VaCAP his findings. “I called VAR legal hotline, a service to all REALTORS (appraisers are REALTORS too if paying dues). I inquired about the liability of the FHA inspection protocol of operating appliances. The lawyers confirmed my belief that to reduce the appraiser’s liability as to operation of appliances and equipment is to have a responsible person present to operate the appliances for the appraiser. I have adopted...

Licensed Residential Appraiser Response to Appraiser Shortage 11

Licensed Residential Appraiser Response to Appraiser Shortage

Licensed Residential Appraiser out of work! I find it hard to believe that there is a shortage of appraisers when I, a Licensed Residential Appraiser, have only completed three (3) appraisal assignments for 2016. I am constantly denied approval by Banks and AMCs. I’ve been denied because I am Licensed. I’ve been denied because I am not Certified. I am not being denied work because I am incompetent or because I have not been USPAP compliant. Certainly not because I have been disciplined. FHA removed Licensed Residential Appraisers. Then Banks and AMCs were eager to follow. I do not see...

Real Estate Appraisers - Who are we 7

Real Estate Appraisers…Who Are We?

Appraisers…Who are we? With the current requirements to enter the profession of real estate appraisal, it is likely that who we are will conceivably change in the coming years. Perhaps for the better? Or, it could be to the detriment of the professions. Appraisers today, and for many years prior to today, have come from a variety of prior jobs and professions. Many of us are former military, teachers, nurses, contractors, builders, home inspectors, real estate agents, lenders, accountants, environmental consultants and engineers, and minimum wage folks aspiring to better themselves. Some of us have dual roles as real estate...

VA & UAD compliance 4

FHA Appraisal Report & Prior Sales

FHA appraisers, When the new 4000.1 Handbook and associated Data Delivery Guide were released not long ago, astute readers noticed that FHA showed that they wanted the Comparable’s prior transactions to be reported back in time THREE YEARS, not just 1 year as per the form. Well, guess what? That apparently was an error, because the REVISED Data Delivery Guide, Effective Nov. 5, 2015, has that corrected back to ONE YEAR, which ‘sort of’ corresponds with the info on the GSE forms. Eagle eye readers will note there may still be an error with this! The form says …the year prior to...

FHA 4000.1 HUD Handbook FAQ - Q&A - Imagecredit Flickr - opensource.com 8

FHA 4000.1 Handbook FAQ

FAQ PDF Document In June 2015, the Denver HOC conducted a webinar (or perhaps live class) training on the ‘then upcoming’ new FHA 4000.1 Handbook. Questions were submitted, and the answers were compiled into a FAQ PDF document (posted at the end of this article). Many of the questions were submitted by underwriters or other non-appraisers, but some were from appraisers. You will have to read through the 8.5 page FAQ PDF attachment to find appraisal related info. However, the one question and answer below may help alleviate the fears of some appraisers: Q. Does the appraiser have to note...

USDA FHA Confusion Getting it Right - Imagecredit Flickr - Brad Montgomery 4

USDA FHA Let’s Get it Right

USDA has it right! FHA appraisers, Thanks to TJ McCarthy, a Chicago based appraiser and current web master for the Illinois state appraiser association ICAP, for providing this interesting bit of news. What this document says is that USDA expects the Home PURCHASER (the loan applicant) to obtain a “whole house inspection” in advance of submitting their loan application. This will be effective Oct. 1, 2015. Inspection can be paid by the seller. This ‘whole house inspection’ is NOT DONE BY AN APPRAISER. It is to be done by someone licensed or certified as a home inspector, who then provides a written report...

FHA Appraisers - Important Reporting Items 27

FHA Appraisers – Important Reporting Items

Important FHA Reporting Items FHA Appraisers, The new HUD/FHA 4000.1 manual, in reality a very large BOOK, is said (by FHA) to have everything in it we need to know, and comply with when doing FHA appraisal reports. We’ve all been amped up about the FHA 4000.1 Handbook changes.  It DOES NOT have everything you need to comply with. FHA has a second BOOK – The Single Family Housing Appraisal Report and Delivery Guide. On page 117, it details how FHA wants prior sales reported for the subject and for COMPARABLES. It is a change to their current procedure –...

FHA Appraiser & Property Requirements Webinar 3

FHA Appraiser & Property Requirements Webinar

Free FHA webinar for appraisers on the FHA Appraiser Roster, the appraiser and appraisal-related policy changes contained in the Single Family Housing Policy Handbook (SF Handbook; HUD Handbook 4000.1) impact how to perform and complete an appraisal for an FHA-insured property. Attend this webinar for an overview of these changes, centered on the core concepts of “Observe, Analyze, and Report”. During this webinar session, FHA subject matter experts will provide an overview of the structure, format, and changes contained in the SF Handbook’s Appraiser and Property Requirements section, effective for case numbers assigned on or after September 14, 2015. Additionally,...

FHA Attic Inspections - FHA appraisers - Imagecredit Flickr - Jamie Beverly 2

FHA Attic Inspections

FHA Attic Requirements FHA Appraisers, FHA has always had a requirement for appraisers to inspect ‘attics’. However, HUD/FHA does not have a real definition of ‘attic’ in their documentation. Because there is no definition of ‘attic’, assumptions have been made by FHA and appraisers that the ‘attic’ includes any space above the ceiling and below the roof inside dwellings – despite that space in modern design homes typically not having any flooring. An appraiser in WA State, not me, was concerned about this inspection requirement and sent an inquiry question to HUD/FHA. Their response is below. Be sure to read this...

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