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Follow on Google News | Understanding FHA Appraisal ComplianceFHA Appraisal Compliance is right around the corner FHA has made it very clear that they will not tolerate any lenders who do not comply 100% with FHA’s regulation.
By: Coester Appraisal Group As of Feb 15, 2010 FHA Appraisal Regulations will do the following: * Prohibits Loan Production Staff or anyone compensated with the closing of a loan from ordering an appraisal for both Conventional and FHA. * FHA Stresses “Absolute lines of independence”–“ * Lenders will get sanctioned if appraisers names is not correct in FHA Connection. Appraisal on report must be the same in connection * Timely Payment to appraisers (net 30). * The appraiser will enjoy the freedom from any person to Provide ANY Estimate of value on the appraisal request verbally or e-mail. * Established Appraiser Independence Hot-line. * Provide appraiser written notice of a removal from a list or for any reduction of work. * Forbid’s lender from ordering a second appraisal without putting both in the loan file. * FHA prohibits “appraiser shopping” where lenders order more appraisals to assure : –the highest possible value for the property –and/or the least amount of deficiencies –and/or repairs are noted and required by the appraiser. –However, a second appraisal may be ordered by the second lender under the following limited circumstances: 1. The first appraisal contains material deficiencies as determined by the Direct Endorsement underwriter for the second lender. 2. The appraiser performing the first appraisal is on the second lender’s exclusionary list of appraisers. 3. Failure of the first lender to give a copy of the appraisal to the second lender in a timely manner would cause a delay in closing, posing potential harm to the borrower. * In cases where a borrower has switched lenders, the first lender must, at the borrower’s request, transfer the case to the second lender. FHA does not need that the client name on the appraisal be changed when it is transferred to another lender. Still not 100% sure what to do? We would be happy to help you. e-mail sales@coesterappraisals.com About Coester Appraisal Group: Headquartered in Gaithersburg, Maryland, Coester Appraisal group has provided quality real estate appraisals since 1970. Clients that depend on Coester’s appraisals, BPO’s, AVM’s and property valuation tools include banks, credit unions, mortgage companies, hedge funds, attorneys and government agencies. Their experienced staff provides a quality valuation completed in a timely manner with a correct estimation of market value. Each appraisal is manually reviewed by a staff appraiser for quality and compliance with lender’s underwriter guidance and is certified HVCC and USPAP compliant. For more information about the company and its services, please visit their website at http://www.coesterappraisals.com. Contact: Brian Coester Coester Appraisal Group Gaithersburg, MD (888) 485 - 1999 ext 2 Bking@coesterappraisals.com http://www.coesterappraisals.com http://www.appraisalnewscast.com http://www.twitter.com/ End
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