Changes to FHA Appraisal Policy
Recently we discussed the issues in FHA appraisals on reverse mortgages and the steps the Federal Housing Administration is taking to alleviate the issues.
Dart Appraisal President, Michael Dresden attended the Mortgage Bankers Associations 2018 Annual Conference in Washington, DC where Brian Montgomery, FHA commissioner discussed reverse mortgages changes and stated FHA is seeing some things in forward FHA appraisals that give him pause.
Mr. Montgomery confirmed FHA is the largest mortgage insurers in the world and can’t review all of the mortgages it insures because some of their key systems are more than 25 years old. He said that FHA is close to some policy decisions that could affect appraisal but did not provide a specific timeline on when the decisions will be announced.
Michael Dresden said ” Dart Appraisal is committed to staying on top of any FHA appraisal changes and notifying our clients and appraisers. Due to utilizing Dart our clients have confidence their appraisal process meets regulatory and agency compliance.”
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