FHA Appraisal Requirements by Property Type

104 Pages·2013·4.58 MB·English

On Behalf of HUD & FHA
Welcome to our session on
FHA Appraisal
Requirements – Property Types

1
Your Instructor
Rosemary Bender

2
FHA Subject Matter Expert
Welcome to our guest from FHA
who will be responding to questions
and offering additional guidance
during today’s webinar.

3
Polling Questions

• How long have you been in
the mortgage industry?

• How long have you been
working with FHA mortgage
loans?

4
Course Objectives

• Identify FHA Appraiser and Appraisal Requirements
• Discuss Appraisal Conditions
• Define Minimum Property Requirements (MPR) and
Minimum Property Standards (MPS)
• Review Appraisal Protocol
• Discuss Home Inspections
• Explain Property Types allowed by FHA

5
Course Overview
• Appraisers
• Property Types

• 2 to 4 Unit Properties
• Appraisal Overview
• Condominiums
– Home Inspections
• Condominium
– Appraisal Portability
Approval
– Well and Septic systems
• Mixed Use Properties

• Appraisal Conditions • Manufactured Homes
– MPR and MPS • New Construction
– Minor Property Deficiencies
– Major Property Deficiencies

– Additional Inspection and Testing

– Repair and Escrow Holdbacks

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FHA Appraiser
• Roster Appraiser Requirements
• Roster Appraiser Responsibilities
• Appraisal Signature Guidance

7
Roster Appraiser Requirements
• Be a state-certified Appraiser with credentials based on the
minimum certification criteria issued by the Appraiser
Qualifications Board (AQB) of the Appraisal Foundation

AND

• Not be listed on SAM's Excluded Parties List System (EPLS),
HUD's Limited Denial of Participation (LDP) list, or HUD's
Credit Alert Verification Reporting System (CAIVRS)

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Roster Appraiser Responsibilities
Must be familiar with FHA Policies and Procedures:
• Review handbooks, mortgagee letters, etc.
• Keep contact information updated via FHA Connection
• Subscribe to FHA roster appraisers e-mail list
• Know where to find answers on FHA roster Appraiser web
page

Source: http://portal.hud.gov/hudportal/HUD?src=/groups/appraisers
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Valuation Protocol Scope of Work
Appraiser must inspect:

• The Subject

• The Neighborhood

• Comparables

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