FHA changes Oct 1, 2009

By
Real Estate Appraiser with Sulamo Appraisal Service

The FHA roster of approved appraisers is set to "purge" appraisers that have not meet the Certified Residential or Certified General requirements of licensing by their state on Oct, 1, 2009.  This has been a long time coming and well publicized over the past year.  The effective date was moved from Jan, 1, 2009 to Oct 1, 2009 to give appraisers more time to upgrade their license. 

The FHA appraiser roster as of Aug. 26, 2009 shows 8096 approved appraisers in California with 2356 of them at the licensed level or 30% which have not meet the upgrade requirements and are due to be removed from the list if the requirements have not been met but the Oct 1st deadline.

FHA has chosen to set their requirements higher than other lending requirements.  FHA also has harsher penalties for those not meeting their appraisal reporting requirements.  This is good for all of the lending community since if we do not set high standards we leave ourselves open to more government intervention on our behalf to correct issues.

If you want more information on appraisal requirements for FHA which are often misunderstood there is a great article written you can get by Goggling "New FHA appraisal requirements"  it is a great "cheat sheet" of some of the issues that are often found.

 

Keep Informed!  Keep Positive!

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