Last week the HUD published Mortgage Letter 2008-39 which imposes new requirements on appraisers who want to remain on FHA’s Appraiser roster, as required under the Housing and Economic Recovery Act (HERA).
Starting October 1, 2009, FHA will require all appraisers on its roster to be certified by the state in which the property to be appraised is located, or by a nationally recognized appraisal organization. Additionally, appraisers must meet certain educational criteria established by the Appraisal Qualifications Board of the Appraisal Foundation (or some other professional organization approved by FHA).
If a lender enters the name of an appraiser into FHA Connection on or after October 1, 2009, who is licensed, but not certified in accordance with ML 2008-39, the appraisal will not be accepted and a second appraisal ordered at the lender’s expense. If the appraisal was ordered prior to October 1, 2009, but not completed until after that date, the appraisal will be accepted.
To learn more click the link below.