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September 10, 2008 Vol.
154 |
Award Winner • Publication Excellence |
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You are receiving WRE Online because you opted in at
www.workingre.com or purchased E&O insurance from
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WRE Online is delivered every other week with occasional Special
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Editor’s Note:
The Housing and Economic Recovery Act of 2008 will mean
business for FHA-approved appraisers, but according to appraiser and
FHA course author Chuck Fisher, the business will only go to those
able to meet the challenges.
FHA: Hope for Homeowners Means Hope for
Appraisers
by Chuck Fisher, MBA, SRA
The immediate opportunity for appraisers
brought by the new legislation is increased business volume- good
news at a time when some appraisers are wondering how they will pay
the bills this winter.
According to the FHA Fact Sheet, the Hope for Homeowners
program provides eligibility to refinance into affordable
FHA-insured loans to, “families trapped in mortgages they currently
cannot afford.”
The program is expected to be
available October 1, 2008. While there are limitations, features of
the program include the opportunity to obtain a 30 year loan up to
90 percent of the loan-to-value (LTV) ratio. There are no prepayment
penalties and the maximum mortgage amount is $555,440. The loans
extinguish any subordinate liens and are based on new home
appraisals by FHA-approved appraisers.
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The immediate challenge for
appraisers is found in Sec. 1404 of the Hope for
Homeowners program, which provides
that: “Any appraiser chosen or approved to conduct appraisals
for mortgages under this title shall-
(A) be certified-
(i) by the state in which the
property to be appraised is located; or
(ii) by a nationally recognized professional appraisal
organization; and
(B) have demonstrated verifiable
education in the appraisal requirements established by the
Federal Housing Administration under this subsection.”
As of this
writing, FHA has not issued rules implementing the legislation.
However, the intent is clear- to create a pool of
better-educated appraisers with specific knowledge of FHA
requirements, to complete FHA appraisal assignments.
FHA Ins and Outs
FHA has a stated policy of
making the Internet the primary means of disseminating
information about its requirements. It has a comprehensive
website with many pages detailing its requirements, as well as
providing direct access to FHA publications, documents and
forms. Further, FHA has implemented the FHA Resource Center.
Finally, FHA has an automated distribution system via email of
important announcements and information important to appraisers
and lenders.
One of the best places for
information is
www.hud.gov/groups/appraisers.cfm.
At this website you will find many valuable links, including
online training via webcasts.
(story continues below) |
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(story continues)
The FHA Resource Center is a
wonderful tool for any appraiser who completes FHA
assignments. It offers three ways to “get the facts.” These
are: via a database of frequently asked questions (FAQs),
email, or telephone. The FAQs are a great source of
information for appraisers, with the ability to do “key
word” searches taking much of the drudgery out of looking
through manuals. Each FAQ is annotated with reference to the
applicable manuals, such as the 4150.2, Appendix D.
Property Standards
Appraisers should remember that
while relatively recent shifts in appraisal and property
standards move FHA requirements closer to those of
conventional lenders, FHA appraisal and property standards
are still different. As an example, the appraiser’s
responsibilities regarding lead-based paint remain a part of
FHA requirements. While the Valuation Condition (VC) Sheet
is history, there are certain forms unique to FHA that may
be required, given certain circumstances. While no seminar
can give you all the information you need for every issue
that you may face, knowing how to access needed information
from FHA quickly and efficiently is extremely helpful.
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FHA Action Plan
If you are not an FHA appraiser, now
is the time to get approved to complete FHA assignments. If you
are an FHA appraiser, now is the time to refresh your
understanding of FHA requirements and how best to work with FHA.
In this market, appraisers need all the avenues for work there
are.
The mission of FHA is important. FHA
fosters homeownership and serves to stabilize the real estate
market in times of upset. As an appraiser completing assignments
to be used as part of an FHA insured transaction, you are doing
your part to foster homeownership and market stability. Being an
FHA-approved appraiser who is knowledgeable in FHA procedures is
part of being a well rounded residential appraiser.
Appraising FHA Today Seminar
Appraising FHA Today,
authored by this writer, is a seminar designed to
help appraisers take advantage of the opportunities and
address the challenges of FHA appraising. It helps appraisers
understand specific FHA requirements and, more importantly,
shows how to effectively use the many resources FHA makes
available to appraisers. It makes
direct use of portions of the FHA web cast training mentioned
above and provides students an opportunity to create a personal
account at the Resource Center website. With an account you can
tailor information requests to FHA.
Course Description: This seminar focuses on
current FHA appraisal requirements and protocols. Appraisals for
loans insured by FHA present special challenges to the
appraiser. Appraisers play a key role in ensuring properties
meet FHA health, safety and security requirements in addition to
providing a well supported value opinion.
Discount Offer
The OREP Education Network, in partnership with McKissock
Education, are offering a 10% discount on the seminar
Appraising FHA Today. The offer is open to all appraisers
regardless of OREP membership (for a limited time). To learn
more about the course and enjoy the discount, you must use the
OREP Education
link
to register. For more, visit
www.orep.org, click benefits and then OREP Education Network
or contact OREP:
info@orep.org;
(888) 347-5273.
About the Author
Chuck Fisher, MBA, SRA is an appraiser in Lake Oswego,
Oregon specializing in regulatory and education issues.
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