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FHA Appraisal Changes Delayed

Mortgagee Letter 2009-28 requirements effective on Feb. 15

Jan. 6, 2010

By staff

Mortgage lenders will have more time to meet new requirements on appraisals for loans insured by the Federal Housing Administration.

Enactment of Mortgagee Letter 2009-28, Appraiser Independence, will be delayed until Feb. 15, the U.S. Department of Housing and Urban Development recently advised mortgagees.

The requirements were originally scheduled to go into effect on Jan. 1.

The delayed implementation impacts the requirement that mortgage brokers and commissioned employees of the lender be prohibited from participating in the appraisal process. It also impacts appraiser selection in FHA Connection.

"This extension will provide FHA and lenders additional time to adjust systems to accommodate the changes," the notice stated.

The requirement for inputting the appraiser ID, as well as the appraisal data in the FHA Connection case number assignment screen, will be removed. Lenders will instead be required to enter all appraisal data, including the appraiser ID, in the Appraisal Update Screen before the loan closing once the lender receives the completed appraisal.

HUD said it will also move implementation of Mortgagee Letter 2009-51, Adoption of the Appraisal Update and/or Completion Report, from Jan. 1 to Feb. 15. HUD previously said that the report -- Fannie Mae Form 1004D and Freddie Mac Form 442 from March 2005 -- is being adopted on FHA loans.

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