New Housing Bill/FHA Loans

[Brad Pack]

I see big changes in HUD to comply with the new legislation.It will be interesting to see them play out.Have you been there since HUD was on Broadway St. in LA ?..That was a long time ago , ah , the good ole days...

No. That is the L.A. Field Office and HUB which oversees multi-family. Santa Ana has both a Field Office (local) and HOC single-family (multi-regional).

 

[Mike Boyd]

No. That is the L.A. Field Office and HUB which oversees multi-family. Santa Ana has both a Field Office (local) and HOC single-family (multi-regional).

Single family was once in that same building. The last time I was there was 1970 for a tract approval.

 

[Brad Pack]

Single family was once in that same building. The last time I was there was 1970 for a tract approval.

Single family and multi-family was located in each of the 81 field offices. That changed with the Department's reorganization (October, 1998).

 

[Doug Wegener]

Spent a little time re-reading the new law this morning. I dont see how there can be any doubt that licensed appraisers will no longer be eligible to do FHA appraisals when the new law takes effect. Its written very clearly.

Start getting certified if you want to do FHA work.

 

[Common Sense]

Last year this time I stopped doing Appraisals to chart my path to Certification. 1 because it was cost effective for me to take the courses and the exam before 2008. It is going to cost someone significantly more to become Certified under the new Requirements. 2) Another appraiser called me and asked me this question. What are you going to do if All Lenders woke up one morning and said We only want Certified Appraisers now?

Having said that I think everyone who is just merely Licensed should really begin to do whatever it takes to get Certified. Afterall this legislation may be the writing on the wall. Maybe I am wrong but do you want to continue to hope lenders never require this. Again I am not bashing Licensed Appraisers I just hate to see someone thrown to the wolves in a blink of an eye.

Just my 2 Cents

 

[Doug Wegener]

I opted not to do it for a variety of reasons. Since I have a degree, it wont be that much harder.

How many hoops do you want to jump through so you can earn a $300 appraisal fee?

At some point it is just not worth it to do all the requirements.

 

[Greg Bell]

Upgrading to Certified will not be problem for most Licensed appraisers that have been in the business for many years.If no grandfathering clause is included it would seem this will be in effect Oct 1st ,2008.After reading the clause it is also evident that you need not be Certified by your state an may obtain an FHA certification by a nationally recognized appraisal organization.Who knows what that means???So Licensed appraisers have 60 days to find and complete a recognized FHA Certification from an organization the is approved by FHA that may not exist , Wow , what a mess

 

[Doug Wegener]

FHA Certification

Upgrading to Certified will not be problem for most Licensed appraisers that have been in the business for many years.If no grandfathering clause is included it would seem this will be in effect Oct 1st ,2008.After reading the clause it is also evident that you need not be Certified by your state an may obtain an FHA certification by a nationally recognized appraisal organization.Who knows what that means???So Licensed appraisers have 60 days to find and complete a recognized FHA Certification from an organization the is approved by FHA that may not exist , Wow , what a mess

It doesnt say FHA certification. Its say certified by a nationally recognized appraisal organization. Thats vague wording to be sure.

HUD will have to flesh out what that means. Its speculation at this point. I would suspect that if they want to retain many of the licensed appraisers they have they will make it easy, if they dont, they will make it hard.

 

[timd354]

FHA staff appraisers do not perform appraisals.

Okay, but I can't imagine that the job requirements for the Chief Appraiser of an HOC do not include meeting the licensing and other qualifications required to appraiser FHA properties.

 

[timd354]

Trust me, every "certified" appraiser has a dog in this fight. A mere state "certification" could easlily become the next target of the self-serving elitists in this industry, who routinely exercise political manipulation.

It is true that everyone in this industry is subject to the whims of our corrupt politicians and the lobbyists who have bought the legislative branch of government.