•v FHA Appraisal Changes: Implementation of ML 2009-28 (Appraiser Independence) & ML 2009-51 (Adoption of the GSE (Fannie/Freddie) Appraisal Update Forms)
We have been told that the appraisal changes (prohibition of mortgage brokers and loan production staff from selecting appraisers) are ready to be implemented in FHA Connection this week-end and should be effective on February 15th barring weather problems. FHA hopes to publish this mortgagee letter this week.
How will the appraisal data entry changes work?
We have also been told that the appraiser ID field and appraiser assignment date have been removed from the Case Number Assignment screen. The "assigned appraiser" is also removed from the Appraisal Logging screen. Lenders will enter the "actual" appraiser on the Appraisal Logging screen. This is an existing field on the screen.
On the FHA use of the GSE appraisal update forms, we also expect a mortgagee letter to be published shortly.
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