FHA Appraisers Requirements Starting October 1

RE: Mortgagee Letter 2008-39 

To meet the new eligibility requirement that takes effect for cases requested on and after October 1st, FHA appraisers must be certified by the state in which the property to be appraised is located, or by a nationally recognized professional organization.

  

Organizations include the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers, the Appraisal Institute, the Appraisers Association of America, the International Association of Assessing Officers, the International Right of Way Association, the Massachusetts Board of Real Estate Appraisers, the National Association of Independent Fee Appraisers, and the National Association of Master Appraisers. Links to each website, which includes search capabilities, can be found by accessing http://www.appraisalfoundation.org/s_appraisal/sec.asp?CID=15&DID=15.

If, on or after October 1, 2009, an FHA-approved lender enters an appraisal assignment into FHA Connection for a property from a FHA Roster Appraiser who is licensed but not certified in accordance with the Mortgagee Letter, the appraisal will be unacceptable for FHA-insured financing and a second appraisal, performed by a state certified appraiser, must be completed at the lender’s expense.

  

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