By now you’re aware of the new FHA guidelines which took effect this week regarding proper procedures for the ordering, management, and completion of appraisals for FHA insured mortgages (Mortgagee Letter ML 09-28;
click here to view).
As one of the “third party organizations” referred to by FHA in the letter, we provide technology and appraisal marketing services to more than 50,000 appraisers – over half of the entire profession – and are likewise a critical application service provider
to tens of thousands of mortgage lenders and brokers. Accordingly, we’ve fielded many questions regarding how to incorporate the new FHA regulations into operations on both sides of the appraisal transaction.
In order to save time and assist you in developing best compliance practices, we’ve compiled this short list of questions and answers.