Senate Passes Housing Bill--Does it have the Dodd Bond?

[Mike Phillips]

I thought the old coot meant having a CG was overkill for the typical residential assignment.
What do you think he meant?
T

Ah heck, I was just joking with you. You gave me room to shoot, I took a shot.

Old coot probably never considered the patient wouldn't want a brain surgeon doing heart surgery anyway.

 

[Couch Potato]

In section 1402 ESTABLISHMENT OF HOPE FOR HOMEOWNERS PROGRAM appraisers are qualified by:

(8) APPRAISALS- Any appraisal conducted in connection with a mortgage insured under this section shall--

‘(A) be based on the current value of the property;
‘(B) be conducted in accordance with title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.);‘
(C) be completed by an appraiser who meets the competency requirements of the Uniform Standards of Professional Appraisal Practice;
‘(D) be wholly consistent with the appraisal standards, practices, and procedures under section 202(e) of this Act that apply to all loans insured under this Act; and
‘(E) comply with the requirements of subsection (g) of this section (relating to appraisal independence).​

​

Which shows there are varying standards in the bill for various programs.

At one time the FHA portion of the Senate version of the bill read "licensed in accordance with title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) by the State in which the property to be appraised is located."

The switch back to the term "certified" was deliberate.

 

[Greg Bell]

Appraiser job openings for FHA state Licensed/Certified.I think the Certified excitement that experienced Licensed appraisers will be booted to the curb are a Little premature.Anyway I am on my way to find " FHA Certification"from a recognized organization ,whatever that is..Inserting and removing the term Licensed in the bill is a lot of hoooey..Didn't happen..

 

[Hamlet]

Why doesn't FHA just bring back the test? If you pass the test you've proven that you know the material.

A license or cert designation does not mean you've read the 4150. How many CRs are on the FHA thread asking basic FHA questions daily?

 

[Greg Bell]

In section 1402 ESTABLISHMENT OF HOPE FOR HOMEOWNERS PROGRAM appraisers are qualified by:[/INDENT]Which shows there are varying standards in the bill for various programs.

At one time the FHA portion of the Senate version of the bill read "licensed in accordance with title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) by the State in which the property to be appraised is located."

The switch back to the term "certified" was deliberate.

No it wasn't...whats a certification from an organization????All I need is that and I'm home free , Licensed appraisers unite!woohoo P.S Where do I go to get one??? Also you need to prove you have FHA training ..I don't know what that means either..stay tuned...

 

[Hamlet]

No it wasn't...whats a certification from an organization????All I need is that and I'm home free , Licensed appraisers unite!woohoo P.S Where do I go to get one??? Also you need to prove you have FHA training ..I don't know what that means either..stay tuned...[/QUOTE]

I would imagine a certificate from the AI for completing the FHA class would be sufficient to prove training.

 

[TJSum]

Many, many unanswered questions, no use guessing, because the bureaucrats will set the policies in the coming months, as of now they don't even know how this will all shake out...

 

[Couch Potato]

So true.

Why doesn't FHA just bring back the test? If you pass the test you've proven that you know the material.

A license or cert designation does not mean you've read the 4150. How many CRs are on the FHA thread asking basic FHA questions daily?

That is why education in doing FHA appraisals will be required. HUD is going to have to scramble to get there system in order.

Where are you getting this info? According to other sources such as the AI, they say this only applies to new appraisers.

If they wanted to be exact with their wording, why did they use the word certified when referring to Organizations, who offer designations and do not "certify"?

What do they consider proof of education? Passing the test that was required many years ago? A class on FHA guidelines, if so which ones and how many hours are needed?

Do the standards just apply to FHA deals done under this bill, or all FHA loans? (I just received an announcement from FHA looking for bidders on review work advertised to both licensed and certified appraisers).

Not questioning your info CP, just wondering where it is coming from and if you can provide links for more in depth info, because there seems to be many, many gray areas as of now...

My information is from following the progress and reading the bill. It will be up to FHA to implement the bill. The nature of 'proof' of education will be up to them, as will what constitutes appropriate 'certification' by a national appraisal organization.

If you are a 'Licensed' appraiser, it is just one more hand writing on that wall telling you to get certified ASAP. Whining about why you shouldn't is pointless.

 

[Hamlet]

If you are a 'Licensed' appraiser, it is just one more hand writing on that wall telling you to get certified ASAP. Whining about why you shouldn't is pointless.

I'm not whining, Tater...I'm working on my cert. Just need the logged hours to submit.

These changes won't make any difference to the quality of FHA appraisals as long as FHA doesn't require a test.

 

[Mike Phillips]

Why doesn't FHA just bring back the test? If you pass the test you've proven that you know the material.

A license or cert designation does not mean you've read the 4150. How many CRs are on the FHA thread asking basic FHA questions daily?

So...Half-Evil

Where are you going to draw the line with our tax dollars?

Making your own bed is understood and accepted. But if I accept your logic I guees it is OK with you if the current Trainee with 2000 hours experience and as little as one year of supervison is allowed to make it to Licensed (not hard, agreed?), take the FHA "test" (10, 50 or 100 questions?), fill out the FHA application and become FHA approved. Then Mr. FHA gets to start running around doing appraisals for homeowners who have already proven they make poor investment decisions, not to mention, lenders who have a similar history and a BIG DAWG in the fight.

Do you think they plan to kiss me first?