FHA Field Review

[Cindy Thurlow]

Can a licensed appraiser preform a field review for an FHA original appraisal assignment, since the field review appraiser is not going into the property and stating whether the property conforms to HUD standards.

 

[glenn walker]

Dont know but I would check with lender --But personally I would decline it if you are not familiar with FHA Guidelines and Protocols and do not do them. OR CALL HUD HOC and speak to someone. At minimum I would notify Client your not Certified or FHA Approved.

 

[RSW]

You should contact the lender to find about the SOW. How detailed do they want you to be?

Dont know but I would check with lender --But personally I would decline it if you are not familiar with FHA Guidelines and Protocols and do not do them. OR CALL HUD HOC and speak to someone. At minimum I would notify Client your not Certified or FHA Approved.

 

[Kitarkus]

Firstly.....is the Licensed Appraiser to whom you refer in your post competent to review FHA Reports?

I believe that this would be Client specific and I would read the Letter of Engagement to determine your particular Client's requirements.
That said, a 'licensed' status Appraiser cannot perform FHA appraisals thus it could be argued that a 'licensed' Appraiser should not be performing a review of an FHA Report. It may be difficult later to say "Yes sir Mr. State Appraisal Board President....I was competent at the performance of FHA review work".....all while knowing that the Licensed Appraiser had never before been approved to complete any FHA Appraisal Report without professional assistance. I do occasionally receive requests for Review Assignments of VA Reports and the Letter of Engagement has said 'Appraiser does not need to be a VA Panel Appraiser to perform this Assignment". Read your LOE.

If the Client allows for the Review Assignment to be performed by 'Licensed' status Appraiser(s)....and if the Licensed Appraiser is competent at this specific type of Appraisal Assignment.....then I do not see why the Licensed Appraiser could not perform the Assignment. As for whether this is a desk or field review....it doesn't matter. The review of any (FHA or otherwise) Report involves more than simply as you stated "whether or not the Property conforms to HUD standards".....and a review specifically of an FHA report should further include some Reviewer reporting as to whether the Original Appraiser had analyzed and reported as per HUD/FHA requirements.