New Housing Bill/FHA Loans

[Doug Wegener]

qualified appraiser

I'm not sure if this has been resolved yet or even if it pertains to us or but the I.R.S had similar wording in notice 2006-96 regarding appraisals of non-cash charitable contributions and §*170(f)(11)(E)(ii)(I) of the In "f" ernal revenue code stating "appraisal designation from a recognized professional appraisal organization” is required to do I.R.S. appraisals of this type. I am not sure if this is applicable to the situation we now face with FHA but according to the notice, the I.R.S. was seeking further clarification of the statement "appraisal designation from a recognized professional appraisal organization" back in November of 2006. I couldn't find any resloution of this issue but my searching was by no means exhaustive. If there has been clarification though, this may very well be the route FHA goes.

The situation is different. In the case of the IRS the law used the term "qualified appraiser" but the new FHA bill says "certified appraiser".

 

[timd354]

Technically the position is Chief of Technical Support. It includes a variety of responsibilities that go beyond mere appraisal oversight.
That's good, then you will have no problems then.
I'm still waiting for you or anyone else to name a certfied or designated appraiser whose FHA appraisal credentials meet or exceed mine.

As far as naming anyone whose FHA credentials exceeds yours I don't know of any. Obviously, you think that you are the most qualified FHA appraiser on the face of the earth - maybe you are (but that can hardly be considered to be a "fact" as you asserted on one of your other posts). If you read my posts carefully, you will see that I have never questioned your credentials to do FHA appraisals. Additionally, if you read my posts carefully, you will see that you and I are in agreement on the issue of certified vs. licensed appraisers being qualified to perform FHA related appraisals.

I have never questioned your knowledge or credentials, I don't doubt that you are well qualified to perform your job and your answers to the many questions posted by appraisers on this forum have been quite helpful to many people. I do question the arrogance you have displayed in some of your posts and I also question your ability to respond to legitimate criticisms of the FHA in a reasoned manner. Your responses to my criticisms of the FHA for basically having had no real standards whatsoever for approving appraisers have basically consisted by mischaracterizing the things that I have said in your responses (the classic straw man technique for not answering an argument for which you had no answer) and otherwise avoiding the issues by just brushing off the legitimate concerns of myself and others by just statting that I don't know what I am talking about.

I will admit be guilty of a little schadenfreude from seeing the Congress force some standards regarding appraiser qualification down the FHA's throat, even if the new standards are idiotic. If people in FHA are bent out of shape by the new law, all that I can say is if the FHA had done a better job regarding the quality of the panel appraisers in the first place, then this might have been avoided.

That being said, I agree with you that the new law is idiotic.

 

[Michigan CG]

Mr. D

You have to realize that Mr. Pack contributes to our forum, and is one of the only links we have for information about FHA.

He does not control policy, it is a large organization that he is part of. The benefit for us is that he does post here and provides us with occasional guidance and information. He is not in power to change things at FHA at our request.

The forum is lucky to have him, despite issues that FHA has.

 

[Brad Pack]

As far as naming anyone whose FHA credentials exceeds yours I don't know of any. Obviously, you think that you are the most qualified FHA appraiser on the face of the earth - maybe you are (but that can hardly be considered to be a "fact" as you asserted on one of your other posts). If you read my posts carefully, you will see that I have never questioned your credentials to do FHA appraisals. Additionally, if you read my posts carefully, you will see that you and I are in agreement on the issue of certified vs. licensed appraisers being qualified to perform FHA related appraisals.

I have never questioned your knowledge or credentials, I don't doubt that you are well qualified to perform your job and your answers to the many questions posted by appraisers on this forum have been quite helpful to many people. I do question the arrogance you have displayed in some of your posts and I also question your ability to respond to legitimate criticisms of the FHA in a reasoned manner. Your responses to my criticisms of the FHA for basically having had no real standards whatsoever for approving appraisers have basically consisted by mischaracterizing the things that I have said in your responses (the classic straw man technique for not answering an argument for which you had no answer) and otherwise avoiding the issues by just brushing off the legitimate concerns of myself and others by just statting that I don't know what I am talking about.

I will admit be guilty of a little schadenfreude from seeing the Congress force some standards regarding appraiser qualification down the FHA's throat, even if the new standards are idiotic. If people in FHA are bent out of shape by the new law, all that I can say is if the FHA had done a better job regarding the quality of the panel appraisers in the first place, then this might have been avoided.

That being said, I agree with you that the new law is idiotic.

Mr./Ms. ??,

My posts do not address the new "law" but rather the arrogant few (in this forum) who throw their state certification in the face of others without any meaningful credentials, other than said certification. Now, that's real arrogance! I purposely gave them a dose of their own medicine. I'm sorry if it offended you. Try a spoon full of sugar... <tongue in cheek>

Best of luck to you.

 

[Brad Pack]

Mr. D

You have to realize that Mr. Pack contributes to our forum, and is one of the only links we have for information about FHA.

He does not control policy, it is a large organization that he is part of. The benefit for us is that he does post here and provides us with occasional guidance and information. He is not in power to change things at FHA at our request.

The forum is lucky to have him, despite issues that FHA has.

Thank you, Tim.

My only reason for posting in this forum is to convey fact, not unsubstantiated drivel. As a former fee appraiser (working out of a spare bedroom), I know how frustrating and intimidating not truly knowing, what is and what isn't, going on with/required by FHA, can be.

Brad (from home)

 

[Greg Bell]

Thank you, Tim.

My only reason for posting in this forum is to convey fact, not unsubstantiated drivel. As a former fee appraiser (working out of a spare bedroom), I know how frustrating and intimidating not truly knowing, what is and what isn't, going on with/required by FHA, can be.

Brad (from home)

Brad..How did you know I was working out of my spare room.Also I want to commend you on the use of the word "Drivel" , very appropriate..

 

[panappr]

Somebody just e-mailed this to me, havent read all the posts here, but didn't see this
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The Federal Housing Finance Regulatory Reform Act,H.R. 3221 amends the FHA Appraiser Roster requirements by requiring certification by a state or “a nationally recognized professional appraisal organization” as well as “demonstrate verifiable education in FHA appraisal requirements.” H.R. 3221 also prohibits lender-financed down payment assistance, which codifies what HUD had proposed to do earlier this year. ​

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The Appraisal Institute applauded enactment of H.R. 3221. "We applaud Congress for turning to highly qualified real estate appraisers to handle critical real estate valuation questions facing homeowners and financial institutions in today’s mortgage market,” said Bill Garber, Director of Government and External Relations for the Appraisal Institute. “Our organization believes that quality valuations performed by competent and ethical appraisers are an essential part of government guaranteed loans and we’re delighted that Congress has taken steps to ensure the government’s lending policies are safeguarded."

 

[Anthem]

The only question I have is why would an experienced licensed appraiser not want to excel in his or her career and obtain the Certified Level. The licensed level is already limited, and continues to become obsolete in many states. The level itself does not prove your experience or competency but it seems to me that any professional that takes this career seriously would pursue the Certified level instead of settling for the Licensed level.

Learning is an ongoing never ending process in this profession, not bothering with the certified level displays a lack of educational ambition that every appraiser should have to stay competent.

As pointed out here it is just another "test" .... so go take it.

 

[timd354]

Somebody just e-mailed this to me, havent read all the posts here, but didn't see this ​

​

The Federal Housing Finance Regulatory Reform Act,H.R. 3221 amends the FHA Appraiser Roster requirements by requiring certification by a state or “a nationally recognized professional appraisal organization” as well as “demonstrate verifiable education in FHA appraisal requirements.” H.R. 3221 also prohibits lender-financed down payment assistance, which codifies what HUD had proposed to do earlier this year. ​

The Appraisal Institute applauded enactment of H.R. 3221. "We applaud Congress for turning to highly qualified real estate appraisers to handle critical real estate valuation questions facing homeowners and financial institutions in today’s mortgage market,” said Bill Garber, Director of Government and External Relations for the Appraisal Institute. “Our organization believes that quality valuations performed by competent and ethical appraisers are an essential part of government guaranteed loans and we’re delighted that Congress has taken steps to ensure the government’s lending policies are safeguarded."

Imagine that, the AI applauds the very section of the law that was undoubtedly written and inserted into the bill by their own lobbyists!!! I can't wait to see the AI's reaction when it turns out that every licensed appraiser who wants to keep doing FHA loans will just get the Certified Real Estate Appraiser (CREA) designation available from the National Association of Real Estate Appraisers (NAREA), which costs $195 and requires nothing more than sending in the fee and being state licensed.

 

[Lloyd Bonafide]

I'm not sure what qualifies as “demonstrate verifiable education in FHA appraisal requirements.”

I took an appraisal seminar from FHA in the mid 1990's, plus an FHA update class from Acheson this year, so hopefully that will be sufficient.