FHA addresses turnaround time, fees, AMCs.
In regard to customary and reasonable fees, the FHA states that the marketplace "best determines" what is reasonable and customary. Although the FHA makes it clear that it does not set these fees, the agency notes that it expects lenders to know what is reasonable and customary in the areas in which they lend and to ensure proper payment to appraisers.
For appraiser selection, the FHA holds the lender--and the appraiser, though not the AMC--responsible for appraisal quality and accuracy. Any appraiser who chooses to be the low bidder on an assignment is still obligated to submit a credible and accurate opinion of value, the FHA says.
To view the FHA FAQs document addressing common appraiser concerns, visit www.hud.gov/offices/hsg/sfh/appr/faqs_fees-time.pdf.
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|Publication:||Valuation Insights & Perspectives|
|Date:||Mar 22, 2010|
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