FHA Requirements as of January 1, 2010

By
Real Estate Agent with Coldwell Banker United Realtors® ~ 512.750.6899

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Marie Funston with Coldwell Banker Mortgage always keeps us updated on changes in the lending industry (which this past year has been numerous).  For further information you can reach her at 512-750-7270 or marie@austinmortgageadvisor.com. Her latest advisory is about the new FHA Requirements being implemented as of January 1,2010:

Effective for FHA case numbers issue as of January 1, 2010, there are new requirements for FHA case numbers affecting all lenders originating FHA-insured mortgages:

The new FHA requirements are in line with the Home Valuation Code of Conduct (HVCC), which became effective May 1, 2009, on conventional loans.

Here is a brief summary of the new FHA appraisal rules:

 

  • The appraisal validity period is reduced to four months for all property types.  Previously, appraisals were valid for six months on existing properties and up to 12 months for new construction.
  • Appraisal portability.  When a customer switches from one lender to the other, the first lender must transfer the appraisal to the second lender at the customer's request to prevent delays in closing.
  • Loan production staff is prohibited from selecting or recommending an FHA-roster appraiser.  This includes anyone who is compensated for closing a loan, such as an originator (loan officer), loan processor, or anyone reporting to a member of the production staff.
  • Loan production staff is prohibited from communicating with the appraiser.
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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Lori Cain 11/24/2009 05:00 AM
Topic:
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Lone Star Real Estate Professionals
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Tags:
mortgages
fha
appraisals
home loans
hvcc
home sellers
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Rainmaker
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Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, e-Pro, TAHS

This will probably help the conventional loans now that FHA has to do the same things. Thanks for the update.

Nov 25, 2009 11:59 AM #1
Rainmaker
3,817,188
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Ricki,

You are right. They will be back on the same level playing field!

Nov 25, 2009 12:48 PM #2
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Rainmaker
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Dorie Dillard CRS GRI ABR

Serving Buyers & Sellers in NW Austin Real Estate
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