By now you have all heard that FHA has rolled out a comprehensive online handbook, which encompasses all aspects of FHA insured mortgages, including appraisal reporting requirements and standards. This new handbook is a searchable online document that will replace the numerous handbooks, Mortgagee Letters and other policy documents, and will, for the first time, allow FHA lenders, appraisers and other industry users to quickly and easily access FHA policies and requirements.
The Single Family Housing Policy Handbook (HUD Handbook 4000.1) will become effective on September 14, 2015 and is available on the Allregs website. Since the release of the HUD Handbook 4000.1 in May, there have been numerous false claims about the updates and what appraisers MUST do now in order to complete an appraisal for a FHA insured mortgage. MUST being the hot topic word… yes there are several changes from “should” to “must” but these changes are not earth shattering. To help clear up some of the confusion, the Allterra Group is offering an on-demand webinar on the subject.
The webinar Appraisal Reporting Policy Changes to FHA’s 4000.1 Online Handbook provides a quick overview of the policy changes and clarifications in appraisal reporting requirements that will take place. This webinar is presented by Peter Gillispie, past Deputy Director of HVPD, in this role Peter was responsible for the management of the FHA Appraiser Roster and real estate valuation policy and appraisal reporting requirements for 1-4 single family dwellings.
We asked Peter how FHA appraisals have changed in relationship to the industry and are they now more in sync with industry standards. He had this to say:
“Over the past decade, FHA has endeavored to align its appraisal reporting requirements and standards with those of the conventional lending industry by standardizing and streamlining its appraisal reporting requirements. While this standardization has had much success, both statutory and regulatory constraints have continued to keep the FHA appraisal process a unique and idiosyncratic one, which must be complied with to ensure a successful loan transaction. “
While the webinar is designed for appraisers who are either already FHA approved or those appraisers who are thinking about doing FHA work, appraisers are not the only ones who would benefit listening to this webinar. Underwriters and lenders who process and review appraisals performed for purposes of FHA insured financing will gain insight and knowledge of the FHA appraisal process and will be able to better perform these services.
To find out more information or to register for the webinar, click here.
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