• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

FHA Under new Guideline

Status
Not open for further replies.

melemel

Thread Starter
Sophomore Member
Joined
Mar 5, 2008
Professional Status
Certified Residential Appraiser
State
Louisiana
Fannie Mae will not purchase single-family mortgage loans, other than
government-insured loans, from mortgage originators that do not agree to adopt the Code​
with respect to such loans that are delivered to Fannie Mae.


Does this statement mean they will accept FHA appraisals that are ordered by MBs because they are government insured loans? Trying to understand.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Fannie Mae will not purchase single-family mortgage loans, other than
government-insured loans, from mortgage originators that do not agree to adopt the Code​
with respect to such loans that are delivered to Fannie Mae.


Does this statement mean they will accept FHA appraisals that are ordered by MBs because they are government insured loans? Trying to understand.

No. Mortgage brokers must be APPROVED by FHA before they can broker loans to a bank or a mortgage banker. There are some pretty tough requirements including an audit by FHA examiners. The bank or mortgage banker must agree to accept mortgage broker applications. Some mortgage brokers will work FOR an FHA approved mortgage banker as an agent. I think is done surreptiously but I am not sure. What say you, Brad?
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks