Understanding FHA Appraisal Compliance

FHA Appraisal Compliance is right around the corner FHA has made it very clear that they wi
Gaithersburg, MD - February 12, 2010 -- The key to success with the new appraisal changes i
As of Feb 15, 2010 FHA Appraisal Regulations will do the following:
* Prohibits Loan Production Staff or anyone compensated with the closing of a loan from ord
* FHA Stresses Absolute lines of independence Any lender who refuses to follow FHA requi
* Lenders will get sanctioned if appraisers names is not correct in FHA Connection. Apprais
* Timely Payment to appraisers (net 30).
* The appraiser will enjoy the freedom from any person to Provide ANY Estimate of value on
* Established Appraiser Independence Hot-line.
* Provide appraiser written notice of a removal from a list or for any reduction of work.
* Forbid s lender from ordering a second appraisal without putting both in the loan file.
* FHA prohibits appraiser shopping where lenders order more appraisals to assure :
the highest possible value for the property
and/or the least amount of deficiencies
and/or repairs are noted and required by the appraiser.
However, a second appraisal may be ordered by the second lender under the following limite
1. The first appraisal contains material deficiencies as determined by the Direct Endorseme
2. The appraiser performing the first appraisal is on the second lender s exclusionary list
3. Failure of the first lender to give a copy of the appraisal to the second lender in a ti
* In cases where a borrower has switched lenders, the first lender must, at the borrower s
Still not 100% sure what to do?
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About Coester Appraisal Group:
Headquartered in Gaithersburg, Maryland, Coester Appraisal group has provided quality real
Contact:
Brian Coester
Coester Appraisal Group
Gaithersburg, MD
(888) 485 - 1999 ext 2
Bking@coesterappraisals.com
http://www.coesterappraisals.com
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