Tagged: FHA Handbook

Photo of Comps When People or Children Are Present - Standing Rule 75

Did That Guy Just Take a Picture of My Kids?

Looking at the tricky question of taking photo of comps when people are present… I want to talk to you today about something most of us appraisers do on a daily basis – taking comparable photos. Now, I don’t want to get into the whole “Are comps a waste of time? Do they actually serve any purpose?” debate. That’s gone on long enough and it isn’t going to stop any time soon. Instead, I want to try and clear up what is and isn’t actually required from your FHA comps; specifically, we’re going to be looking at the tricky question...

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 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 vs USPAP - FHA vs USPAP - FHA requirements – Appraisers Caught in Catch 22 111

FHA Requirements vs USPAP

FHA Requirements vs USPAP – Appraisers Caught in Catch 22 Excerpt The new FHA Handbook will become effective on September 14, 2015. There has been much discussion of the implications of changing “should” to “must” in thousands of examples in the Handbook. As a Board member of the Arizona Association of Real Estate Appraisers as well as being on the FHA Roster, I have taken a good hard look at these requirements and then, it hit me as I was teaching the Uniform Standards of Professional Appraisal Practice (USPAP) which is the basis of appraisal standards for every appraiser in...

FHA Appraisers Increased Liability & Responsibilty with New FHA Requirements 27

FHA Appraisers Increased Liability with New Requirements

FHA Appraisers Increased Liability & Responsibility with New FHA Requirements Excerpt New FHA Requirements Put More Responsibility and More Liability on FHA Appraisers After reviewing the new HUD handbook, my overall conclusion is that there were not many changes to the overall requirements other than the word MUST. The prior handbook was a list of items that should be completed and verified whereas the updated HUD handbook clearly states that the properties MUST meet these items and the appraiser MUST verify the items in question. The following is a list of FHA requirements that MUST be completed and verified by the appraiser....

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