FHA Fee's $

[laurielutton]

Its in the new legislation that Congress just passed over the weekend and that Bush has already said he will sign. The bill is H.R. 3221 and the version passed by Congress can be found here:
http://thomas.loc.gov/cgi-bin/query/D?c110:7:./temp/~c110wHZTi5::


I have attached the relevant section regarding the new requirements for FHA appraisers.

Thank you, I was not aware of this. Hopefully they will grandfather in the licensed appraisers that are already approved. I took the class and have been doing FHA work for a while now. Just doesnt seem right to give someone the approval to do something and then just take it away. But then again this has been an uphill battle for me from the beginning. I got licensed in the midst of the requirement changes but managed to jump through all the hoops and make it anyway. My FHA approval is all I have going for me since I am not certified ( which now requires a degree ).
Ps, the first link that you sent regarding the bill was a dud. Do you have another?

 

[Doug Wegener]

Cerified FHA

Thank you, I was not aware of this. Hopefully they will grandfather in the licensed appraisers that are already approved. I took the class and have been doing FHA work for a while now. Just doesnt seem right to give someone the approval to do something and then just take it away. But then again this has been an uphill battle for me from the beginning. I got licensed in the midst of the requirement changes but managed to jump through all the hoops and make it anyway. My FHA approval is all I have going for me since I am not certified ( which now requires a degree ).
Ps, the first link that you sent regarding the bill was a dud. Do you have another?

It doesnt look like it. That language is pretty clear: certified. Regulations cant change a statute. Maybe Bradd will chime in on this.

 

[OSU Beavers]

‘‘(A) be certified—
(i) by the State in which the property to be appraised is located; or
(ii) by a nationally recognized professional appraisal organization"

Dictionary.com Unabridged (v 1.1) -
certified
–adjective
1. having or proved by a certificate: a certified representative.
2. guaranteed; reliably endorsed: a certified check.
3. legally declared insane.
4. committed to a mental institution.

certificate
–noun
1. a document serving as evidence or as written testimony, as of status, qualifications, privileges, or the truth of something.
2. a document attesting to the fact that a person has completed an educational course, issued either by an institution not authorized to grant diplomas, or to a student not qualifying for a diploma.
3. Law. a statement, written and signed, which is by law made evidence of the truth of the facts stated, for all or for certain purposes.
4. Finance.
a. gold certificate.
b. silver certificate.
–verb (used with object)
5. to furnish with or authorize by a certificate.
6. to issue an official certificate attesting to the training, aptitude, and qualification of: to certificate a teacher.


license
–noun
1. formal permission from a governmental or other constituted authority to do something, as to carry on some business or profession.
2. a certificate, tag, plate, etc., giving proof of such permission; official permit: a driver's license.
3. permission to do or not to do something.
4. intentional deviation from rule, convention, or fact, as for the sake of literary or artistic effect: poetic license.
5. exceptional freedom allowed in a special situation.
6. excessive or undue freedom or liberty.
7. licentiousness.
8. the legal right to use a patent owned by another.
–verb (used with object)
9. to grant authoritative permission or license to.


Sounds like Licensed Appraisers are certified by the State to me;

or are possibly legally insane and should be committed to a mental institution.

 

[Doug Wegener]

We need some clarification on that. Bradd Pack should know.

It really depends what Congress meant by "Certified". Congressman Mel Martinez office was involved with the bill. Maybe someone in Florida can call and get some clarification.

Also it says "certified by a national recognized organization".Does that mean an IFA designation would qualify.

How about one of those $105 designations/certifications from the National Association of Real Estate Appraisers?

 

[RSW]

Thank you, I was not aware of this. Hopefully they will grandfather in the licensed appraisers that are already approved. I took the class and have been doing FHA work for a while now. Just doesnt seem right to give someone the approval to do something and then just take it away. But then again this has been an uphill battle for me from the beginning. I got licensed in the midst of the requirement changes but managed to jump through all the hoops and make it anyway. My FHA approval is all I have going for me since I am not certified ( which now requires a degree ).
Ps, the first link that you sent regarding the bill was a dud. Do you have another?

HUD/FHA made all appraisers on their roster take the 50 question test back in the late 90's. If you did not pass the test, then you were removed from the roster. They can do it if they want to.

 

[Michigan CG]

We need some clarification on that. Bradd Pack should know.

It really depends what Congress meant by "Certified". Congressman Mel Martinez office was involved with the bill. Maybe someone in Florida can call and get some clarification.

Also it says "certified by a national recognized organization".Does that mean an IFA designation would qualify.

How about one of those $105 designations/certifications from the National Association of Real Estate Appraisers?

The AI was so proud to get the national recognized clause in there and it will bite them in the long run. Who determines which organizations are nationally recognized? Supreme Court here we come.

I think I see a business opportunity; The Evans Appraisal Society, I will market nationwide, get 3,000 members for $500 each, give them a certification and retire with $1,500,000 in annual dues.

 

[Steve G]

Great. I knew not getting certified before the 1/08 changes took effect would end up costing me, but I wasn't expecting this. If the bill states that you must be certified by the state or a nationally recognized org. I think FHA will end up getting this clarified. I read a statement from the secretary of HUD on the new bill and there are several things in it that he doesn't like about it. This bill was rushed through and I'll bet there was no consideration given to the appraiser aspect of it, otherwise, there would have been some reaction from lobbyists for the appraisal industry.

 

[Michael Hinnant]

FHA.

good...finally certified appraiser catch a break. We've been having to keep our fees down because of licensed appraisers(no offense to you good ones but licensed isn't the same as certified). A lender had the audacity to TELL me to lower my fees for $150 for a full appraiser and if I didn't they would have to use a licensed appraiser. So I said...adios...

 

[Couch Potato]

The AI was so proud to get the national recognized clause in there and it will bite them in the long run. Who determines which organizations are nationally recognized? Supreme Court here we come.

I think I see a business opportunity; The Evans Appraisal Society, I will market nationwide, get 3,000 members for $500 each, give them a certification and retire with $1,500,000 in annual dues.

The FHA will decide which ones to recognize and what education is valid.

This bill was rushed through and I'll bet there was no consideration given to the appraiser aspect of it, otherwise, there would have been some reaction from lobbyists for the appraisal industry.

Rushed? It was introduced in July of 2007 and the finalization of the details lasted three months. It was the appraisal industry lobbyists that got it worded that way.

 

[dyewise]

FHA let licened appraisers on the list. I don't mean any offense to licensed appraisers. But from what I understand, the licensed status is mostly for training purposes.

In Wyoming, where I started out, they don't even bother with licensed status, just trainee or certified and to be certified residential you have to write a self contained demonstraton report. Our trainee status appears to be the same as most states Licensed by test and hours. They can go out on inspections but must have a certifed with them and trainees are not allowed to sign reports.

When I relocated to Chicago it was a shock to me that licensed appraisers went out on their own after passing the test.