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Anyone else read the article about proposed hr1723 FHA bill?

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Doug in NC

Thread Starter
Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
A recent "Working RE" article speaks of upcoming legislation that could re-institute the appraiser rotation method of selecting appraisers (selected by HUD). This would have been really great for quality trained FHA appraisers, but then they resorted to the lower standards allowing anyone with a license to do the work. I have been reluctant to do FHA stuff since it requires more work, potentially has more liability associated with it, and fees are not much better than standard lender work. I don't much like too much government intervention in general, but by HUD selecting the appraisers, I think FHA/HUD are much more likely to get an unbiased appraisal. (the last one I was involved with, I had the lender, the borrower, and the real estate agent attempting to push for a higher value).
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
I read it but it seemed to be just an idea proposed by the editor or writer. I think it could be a very good system and not involving an AMC. I question who would pay for it and who would set our fees.
 
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