The U.S. Department of Housing and Urban Development, in Mortgagee Letter 2008-39, has just announced that the implementation date for the requirement that all appraisers be state certified (certified residential or certified general) has been extended until October 1, 2009.
The mortgagee letter states that: "Although Section 202(f) of the National Housing Act was made effective upon enactment, FHA has determined that the loss of available FHA Roster appraisers in certain locations will impede its ability to support affordable mortgage financing in those areas, which would contravene the goals of the HOPE for Homeowners Program and hinder use of other FHA single family programs at a time when use of those programs has increased significantly."
Appraisers interested in reading the complete mortgagee letter can find it at www.fha.gov, then click on "Access Mortgagee Letters and Handbooks," click on "2008 Letters" and then click on "08-39FinalML-Revised FHA Roster Requirements."
As we have advocated for many months, it is highly recommended that licensed appraisers interested in FHA Appraisal business take the necessary steps to become certified as soon as possible, as many lenders are already looking for certified appraisers to perform their FHA appraisals.
We really hope you find our newsletter to be informative! If you have any input on future topics for discussion, please email me your questions and I will do my best to address them in the next issue. If you want to look back at past issues you can see our archive at www.fhaappraisernewsletter.com
Regards,
Bill Collins
bill@fhaappraisers.com
www.fhaappraisers.com
www.fharoster.com
(877) 4FHA-VALU
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