real estate: FHA Deadline Announced
- 12/19/08 07:56 AM
FHA just announced that the deadline to upgrade to the certified level is October 1, 2009. Any appraiser that is on the roster who is not certified will no longer be eligible for FHA appraisals after the October 09 deadline. On October 1, 2008, FHA stopped taking applications from licensed appraiser to join the FHA roster. All licensed appraisers currently on the roster were in limbo because there were no details as to how long they would remain active on the roster. … (8 comments)
real estate: FHA Recovers Fumble
- 08/12/08 04:26 AM
FHA realized that they dropped the ball back on February 7, 2008, when they lowered the requirements to become an FHA approved appraiser. Basically if you were an appraiser and you had a pulse you could join the FHA roster. FHA has been like a knight in shining armor to the lending world as it slays the ARM dragon and helps the homeowner damsels in distress. This fairy tale world was created in part by the serious lack of lending standards in place during the refinance boom. Basically if you were a homeowner and were breathing you could qualify for some … (5 comments)
real estate: FHA Changes Part III
- 01/30/08 08:35 AM
This may be old news for some people but not everyone is familiar with the changes made by FHA. FHA Changes Part II FHA Changes Part I Excerpts from MORTGAGEE LETTER 2005-ML-48 This Mortgagee Letter is effective for all appraisals performed on or after January 1, 2006. FHA no longer mandates automatic inspections for the following items and/or conditions in existing properties: Wood Destroying Insects/Organisms: inspection required only if evidence of active infestation, mandated by the state or local jurisdiction, if customary to area, or at lender's discretion Well (individual water system): test or inspection required if mandated bystate or local jurisdiction; if there is knowledge … (3 comments)
real estate: MLS Interior Photos & Reporting Sales Concessions
- 01/26/08 03:41 PM
I would like to pick your brain for a minute and try to get a better understanding as why some RE Agents include interior pictures of homes they list and others do not. I also wonder why sales concessions are not always listed. Is it personal preference, legal reasons, office policy, how someone you looked up to did it, etc? Interior photos are how appraisers look inside the comparable sales to gauge their quality and condition. It is much easier to look at interior pictures than it is to interpret the wording in the listing. Personally I think it makes the listing … (14 comments)
real estate: FHA Changes Part II
- 01/23/08 12:23 AM
This may be old news for some people but not everyone is familiar with the changes made by FHA. FHA Changes Part I FHA's primary area of concern is in these three areas: Safety, Security, and Soundness. Properties with conditions that threaten or could threaten the health and safety of its occupants or the soundness of the property are still required by FHA to be repaired. MORTGAGEE LETTER 2005-ML-48 (effective as of January 1, 2006) lists these conditions as requiring an automatic repair: * Inadequate access/egress from bedrooms to exterior of home * Leaking or worn out roofs (if 3 or more layers of … (10 comments)
real estate: Stone Cold Killer
- 01/11/08 03:38 PM
My name is Kenneth J. Miller and I am not a killer. I hear it all the time regarding appraisers killing another deal because the appraisal report came in too low. My wife used to work for a mortgage broker and I'd hear it all the time from loan officers in her office. This drives me crazy. Don't shoot the messenger. It's not the appraisers fault a property isn't worth enough to make the loan work. Our job is to give our opinion of value on the property. It's supposed to be an honest and supported opinion. We can't just make up … (5 comments)
real estate: FHA Leaves Door Wide Open for Skippy
- 01/09/08 06:35 AM
Effective February 7, 2008, FHA will no longer require the HUD examination on FHA reporting and examination to become eligible to do FHA appraisals. One must be licensed or certified to be placed on the roster. FHA feels that the testing required to become an appraiser is sufficient and that requiring an FHA exam is overkill. What this means is that Skippy doesn't have to bother looking up the answers online for the 10 question long "examination" required to become FHA approved anymore. Not only can Skippy do a sloppy report for the conventional market; he can mess up things in … (13 comments)
real estate: FHA Changes Part I
- 01/03/08 10:51 AM
This may be old news to some but there are many people out there who don't know about the changes made by FHA. FHA has made some changes in its requirements for financing a home through their program. Gone are the old VC sheets with the pages of hoops a property must jump through. Gone are the mandatory repairs for cracked window panes, torn screens, and worn flooring. Gone are the days of counting steps to determine if a handrail is required. MORTGAGEE LETTER 2005-ML-48 (effective as of January 1, 2006) states: Minor property deficiencies, which generally result from deferred maintenance and normal wear and tear, that do not … (0 comments)
FHA Information & Updates brought to you by a Northwest Ohio FHA appraiser. I cover the following 8 Counties: Erie, Hancock, Huron, Lucas, Ottawa, Sandusky, Seneca, & Wood. View my page on The Appraiser's Water Cooler
FHA just announced that the deadline to upgrade to the certified level is October 1, 2009. Any appraiser that is on the roster who is not certified will no longer be eligible for FHA appraisals after the October 09 deadline. On October 1, 2008, FHA stopped taking applications from licensed appraiser to join the FHA roster. All licensed appraisers currently on the roster were in limbo because there were no details as to how long they would remain active on the roster.
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