I would like to share with you some of my favorite FHA/HUD appraiser links.
Before I do, here is the latest Mortgagee Letter that was put out on November, 18,2009 concerning Second Appraisal Reporting Requirements.
Mortgagee Letter 2009-48:
- HUD is eliminating a previous policy that required a second appraisal to be performed for loans that exceed $417,000 that were noted by the appraiser to be in a declining market.
- FHA will no longer require second appraisals on cash out refinances.
- FHA's new policy requires a second appraisal when a property is resold between 91 and 180 day's following the acquisition by the seller, if the resale price is 100 percent higher than the price paid by the seller when the property was acquired.
Your Charlotte NC Appraiser Favorite FHA links:
A must read Mortgagee letter http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/05-48ml.pdf
Frequently Asked Questions: http://www.hud.gov/offices/hsg/sfh/appr/aprval.pdf
Answers on sewer, attic, power lines, repair conditions, etc.: http://www.hud.gov/offices/hsg/sfh/ref/chap1.cfm
The main place for FHA appraisal guidelines: http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4150.2/index.cfm
Use the Table of Contents for a quick search.
Here is a PDF link to Appendix D: Valuation Protocol: http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4150.2/41502appdHSGH.pdf
If an appraiser, mortgage broker or real estate agent is ever concerned or needs clarification, the best way to solve the problem is to call the local HOC office. Here is their number: 1-800-225-5342.
http://www.cnbc.com/id/34110130
I ran across the above news story, and was wondering if others felt the same way.
Overall, do you feel that 2010 will be better, worse or about the same?
I was feeling very optimistic about two months ago and I personally thought that the housing market in 2010 would be much better than 2009. In the past several weeks, Fannie and FHA reported that they are tightening guidelines, or at least thinking about it. In my opinion, this will keep many buyers out of the market. It's hard to predict what 2010 will bring. There are so many conflicting stories, both good and bad, that it makes it very difficult to predict how the new year will be.
How are you reading the market? Please feel free to share.
Thank you,
http://www.hud.gov/offices/hsg/sfh/talk/parc/phiarch.cfm
Basic FHA Appraisal Training(Live broadcast 11/18/2009): The webinar is intended for lenders and industry partners that do business with the Philadelphia HOC jurisdiction. FHA staff provide information on the FHA appraisal process, appraising in a declining market, flipping rules, and other appraisal related topics. Click here to link to the archived version.
The above link is for the Power Point presentation conducted by the Philadelphia HOC on 11/18/2009. Some of the information that was covered are repair guidelines, flipping guidelines, appraisal portability, appraiser independence, etc.
If you need a real estate appraisal in Charlotte, NC, please give me a call!! Thanks.
Are you a professional? Do you hold a state license in the State of North Carolina? I recently attended an appraiser convention, and a state legislator said that a draft was being prepared that would make every person holding a "professional license" to have a office that is not located in their home. This would affect appraisers, RE brokers, mortgage brokers, home inspectors, land surveyors, etc.
If you are not located in North Carolina, is your state planning something to this effect? Get informed.
Below are two letters from State Officials in North Carolina:
"Mr. Brubaker did state that one of the buzz topics at the legislative building was the requirement that real estate appraisers and other professionals have a public office and not be allowed to have home offices. I do not recall him stating a minimum required number of hours that an office must be open. I have not personally heard this until Mr. Brubaker brought this topic up at this meeting. He did encourage everyone to know who represented them in the house and senate and to contact these representatives on all issues that are of concern to you. He also encouraged everyone to get involved in the campaign of their representatives."
"I spoke to Harold Brubaker yesterday. The rumors you heard are true. Legislative staff members are preparing draft legislation that would require anyone who holds a "professional license" in the State of North Carolina to have a "brick & mortar" store front office that must be manned a minimum of 30 hours per week. It will apply to real estate appraisers, mortgage brokers, real estate brokers and I would assume attorneys, psychologists and anybody else who is required to have a "professional license". I'm not sure the definition of "professional license" has been hashed out yet, but I was told it would include real estate appraisers. The logic behind it appears to be if you work out of your home, you are not professional and you will work for lower fees which hurts the industry. I don't follow the logic, nor do I see how they will ever enforce such a rule. The Appraisal Board does not have enough staff to enforce the rules on the books now, I can't see them going around the state verifying that somebody has an office that is open 30 hours a week. The residential appraisers around here who have store front offices don't spend 30 hours a week in the office. Most of them do their reports from their home offices. You can't make any money in the appraisal business sitting in your office unless all you do is commercial property. A residential appraiser has to be out looking at houses to make any money. This is going to come up so you better make your feelings known to your elected representatives. This is just the kind of help and support we need to get the appraisal business back on it's feet."
Appraisers in Charlotte, NC. www.valuation-expert.com www.charlotte-appraiser.net www.appraisercharlottenc.com . Charlotte, Mecklenburg, Union.
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