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FHA addresses turnaround time, fees, AMCs.

The Federal Housing Administration released on April 15 an updated list of frequently asked questions addressing appraiser concerns.

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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Title Annotation:re:questions
Publication:Valuation Insights & Perspectives
Date:Mar 22, 2010
Words:146
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