The new mortgagee letter reiterates the importance of appraiser independence and advises of new requirements regarding who is eligible to request an appraisal from an FHA roster appraiser. The new requirements will be effective beginning Jan. 1, 2010.
‘This will have a big impact on lenders, as did the [Home Valuation Code of Conduct (HVCC)] agreement," states StreetLinks CEO Steve Haslam. We've always believed an arms-length, independent process was the only avenue for accurate and unbiased valuations. Our people and processes are perfectly aligned for full compliance."
The new FHA guidelines also address geographic competency and the payment of reasonable fees to appraisers.
‘We suggest that lenders start testing [appraisal management companies] now rather than waiting for the deadline," adds Tony Ebeyer, the company's chief operating officer. "We saw several lenders waiting for HVCC and really scrambling at the end."