FHA Extends Date for New Single-Family Housing Policy Handbook
June 20, 2015 |
Written by: Roy Morris
Professional Valuation Services
Appraisal Educator, Arizona School of Real Estate & Business
The revised FHA Single Family Housing Policy Handbook (SF Handbook; HUD Handbook 4000.1) that was targeted to be implemented on June 15, 2015 has been extended 90 days to September 14, 2015. FHA stated that the extension was made to reduce the impact of a number of initiatives occurring simultaneously in the mortgage industry. Some of the initiatives include the Consumer Financial Protection Bureau (CFPB) TILA-RESPA integrated with the Disclosure (TRID) Rule which may not receive a grace period for implementation. The new CFPB-Loan Estimate & Closing Disclosure forms are already in place for implementation for August 1, 2015.
The Appraisal Report and Data Delivery Guide for One Family Residential Properties contain substantial changes for appraisers’ due diligence and assignment conditions when performing single-family appraisals for FHA.
An example includes Solar and Wind Technologies Valuation Guide for existing systems, leased systems, maximum mortgage amounts and other valuation issues.
Appraisers have an increased responsibility for accuracy in reporting taxes, home owner association fees, special assessments, land lease information, easements and other Schedule B title information including accuracy of legal descriptions.
The Appraisal Report and Data Delivery Guide is 174 pages of protocols for appraisers and lenders. The implementation of this guide, while being postponed until mid-September, will certainly require communication and cooperation between AMC’s lenders and appraisers. There will most likely be discrepancies with this guide and the HUD 4150.1 uncovered during the implementation in September and the Electronic Appraisal Delivery (EAD) starting with the case numbers assigned on or after June 27, 2016.
The Arizona School of Real Estate & Business is planning to offer courses for the guide that will be open to the real estate, mortgage and appraisal community. Stay tuned for dates and times.