Tagged: HUD

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...

AAREA / AMC / Appraisal / Appraisal Management Companies / Appraisal Organizations / Arizona Association of Real Estate Appraisers

Report an Opinion of Value as a RANGE - Yes or No - Imagecredit Flick - brandbook.de 3

Report an Opinion of Value as a RANGE – Yes or No?

Can appraisers report an opinion of value as a range? Can that be done? The answer is both YES and NO, or as some like to say, “It Depends!” Here’s an interesting example of YES, involving two commercial properties in Miami Beach (yeah, I know, resi’s, but hang with me here!): Appraisals: Town-owned lots in West Palm Beach worth millions You will notice in the article that the value reported in the appraisals is stated as a RANGE by the appraisers. That is entirely acceptable when appraisals are done under the guidance of USPAP Standard 2. It makes sense to do it...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

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....

AAREA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Arizona Association of Real Estate Appraisers

FHA Delays Handbook Implementation Date 1

FHA Delays Handbook Implementation Date

FHA Extends the Single Family Housing Policy Handbook Implementation Effective Date June 15, 2015 Handbook Implementation Date Extended 90-days to Give Lenders More Time to Operationalize On April 30, 2015, the Federal Housing Administration (FHA) announced that it has extended the effective date for the policies contained within its new Single Family Housing Policy Handbook (SF Handbook; HUD Handbook 4000.1) from June 15, 2015 to September14, 2015. FHA recognizes that there currently are a number of competing initiatives occurring simultaneously in the mortgage industry that may be challenging mortgagee and other industry partner resources. For this reason, FHA is extending...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

Are Appraisers Redbox or Blockbuster 7

What are Appraisers? Red Box or Block Buster Video?

How do we move to be more of a Red Box? I stopped at a Sheetz to get gas. As I was standing there I noticed a Red Box Machine which had a steady flow of traffic. Next door was an old closed Block Buster Video.  Hmm…  When my kids were little it was a big treat to go to that Block Buster and rent a movie. We had to wait in line 5 to 10 minutes  and now it’s closed. But the Red Box machine is steadily pumping out DVDs. So I got to thinking. What are appraisers? Are we...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

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FHA Electronic Appraisal Delivery (EAD) Portal

Use of the Electronic Appraisal Delivery portal will be required for all FHA-approved mortgagees, effective for FHA case numbers assigned on or after June 27, 2016.  Mortgage Letter 2015–08  published on March 26, 2015, provides more information. FHA’s EAD portal is a web-based technology system that enables electronic transmission of appraisal data and reports to FHA by FHA-approved mortgagees and/or their designated third-party service providers prior to loan endorsement. Features The EAD portal’s system messages provide real-time feedback on compliance with FHA appraisal data and report requirements. The portal leverages industry data standards and industry appraisal practices, and: Offers process efficiencies inherent...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

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FHA Appraisal Reporting Requirements & Data Delivery

FHA – Addressing Appraiser and Property Requirements, and Appraisal Report and Data Delivery FHA Appraisers, You will want to review the newsletter below, especially the part showing the changes to reporting requirements. I suggest you copy and paste this new info into a word processor, then print it out as a reference tool. Secondly, if you use a template with pre-filled info to start FHA reports, I suggest you change it now to comply with their reporting requirements that take effect in June 2015. A Closer Look: Addressing Appraiser and Property Requirements, and Appraisal Report and Data Delivery As announced...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

Dear AMC, Goodbye - Why I'm leaving Residential Appraisal 22

Dear AMC, Goodbye…

Why I’m Leaving Residential Appraisal – Dear AMC, Goodbye! The Law of Unintended Consequences is a law, like Murphy’s Law, which is always lurking in the background to foil the attempts we humans make to control the world around us. It is particularly true of government attempts to reduce crime. A couple of examples follow: I used to love air travel. I was a flight test engineer at Boeing and for many years I flew all over the world for both work and recreation. Then came the shoe bomber. Now I wait in long “security” lines while thousands of security...

AI / AMC / Appraisal Institute / Appraisal Management Companies / E&O / Errors & Omissions

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Troubling Times at Fannie Mae

Appraisers should be concerned by Fannie Mae’s lack of transparency about its Appraiser Quality Monitoring system (AQM). In their published guidance and in various interviews, in the upcoming print edition of WRE (January 2015) and elsewhere, they remain mum on the specifics of a process that can potentially end an appraiser’s career. If they have rules, procedures and guidelines in place to evaluate the work of appraisers in a fair and consistent manner, they are not making the details public. We believe it’s time that they do so. This is from the cover story in the upcoming print edition of...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

HUD blacklisting - guilty until proven innocent 2

HUD Blacklisting: Guilty Until Proven Innocent

HUD has been quietly blacklisting appraisers for years without due process Being on HUD’s FHA Appraiser Panel and performing FHA appraisals is an essential source of work for many appraisers. However, according to a recent legal brief filed by the National Association of Appraisers (NAA), HUD has been quietly blacklisting appraisers for years without due process. At the center of the case against HUD (U.S. Department of Housing and Urban Development) is Ken Taggart, an appraiser in Penn., who was removed from HUD’s roster in January 2010. Taggart says that his mortgage servicer, GMAC Mortgage, LLC, mistakenly forclosed on his...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Automated Valuation Models / AVM

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