Appraisal Organizations Address Letter to the FHA
A number of appraisal organizations, including the Appraisal Institute, the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers, and the National Association of Independent Fee Appraisers, released a memo to the Federal Housing Administration (FHA) regarding the Home Valuation Code of Conduct (HVCC) and FHA’s possible adoption of elements of the HVCC.
The letter calls the FHA to enhance appraiser independence and to more closely monitor mortgage brokers and appraisal management companies. Below are the specific, overarching recommendations made in the letter:
- Recommendation 1: Establish the conditions for mortgage broker participation in the FHA appraisal ordering process.
- Recommendation 2: Supplement state and federal appraiser independence requirements with more robust appraiser independence requirements specific to FHA.
- Recommendation 3: Rescind Mortgagee Letter 97-46.
- Recommendation 4: Develop rules and expectations relating to appraisal management companies.
To view the full letter to the FHA, visit the Appraisal Institute website, here.
To view Present Value’s previous blog posts on HVCC changes and industry reactions, click here, here, and here.
By: Present Value
Tags: Appraisal Institute, Appraisal Terms, FHA, HVCC, HVCC Changes
4 Responses to “Appraisal Organizations Address Letter to the FHA”
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September 25th, 2009 at 2:00 am
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September 28th, 2009 at 1:53 am
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July 25th, 2010 at 6:36 am
I really enjoyed this post, especially the “examples in this post” portion which made it really easy for me to SEE what you were talking about without even having to leave the article. Thanks