Acheson Appraisal

As of 1/1/2006, FHA has totally revised their requirements. No more VC-Sheet or Home-Buyer Summary. The new regulations are included in our FHA Update class. These new regulations include Mortgagee Letters 34, 48 & 50, Appendix D and the new Homeownership Center Reference Guide available on the HUD web-site. The cost of a hard-covered copy of all changes costs $25 at the class. As of 2/7/2008, FHA has recinded the requirement for testing. Appraisers must still know how to complete FHA assignments and will be removed from the FHA Register for non-compliance. As of 5/11/2008, applications must be done over the internet. Originally FHA said they would adopt regulations similar to the HVCC as of /1/1010, but it has been postponed to 2/15/2010.

FHA will no longer accept NEW applications by State LICENSED appraisers. New applications must be from State CERTIFIED appraisers as of 10/1/2008.

Those Licensed appraisers who are already on the FHA Register will be allowed to continue completing FHA appraisal assignments until 10/1/2009. After that date they will need to be State Certifed to continue.

The total FHA Roster has 52,000 approved appraisers of which 13,000 are Licensed level.

(It was Congress, pushed by the Appraisal Institute, that created this problem)

(FHA wanted to keep the Licensed level, and has more problems with the Certified General appraisers)

FHA will likely be developing education requirements for FHA Register appraisers in the very near future.

FHA has raised the loan limits on the HECM Reverse Mortgages to $625,500.

9/18/2009 Mortgagee Letter 2009-30 Starting 1/1/2010, Appraisals will be valid for only 120 days.

Mortgagee Letter 2009-28 Starting 1/1/2010, (now 2/15/10) rules similar to the HVCC start for FHA.

Mortgagee Letter 2009-46B Changes Condo approval process

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