FHA - HUD Appraiser Training Webcasts

In September 2005, the Federal Housing Administration (FHA) issued Mortgagee Letter 2005-34 , which announced the adoption of four of Fannie Mae's revised appraisal reporting forms as well as the release of the 139 page pdf Revised Appendix D of Handbook 4150.2, CHG-1. "FHA has shifted from its historical emphasis on the repair of minor property deficiencies and now only requires repairs for those property conditions that rise above the level of cosmetic defects, minor defects or normal wear and tear." That's an IMPORTANT change for both lenders and appraisers to be aware of. It's easy for both lenders and appraisers to keep doing business-as-usual which will ultimately result in confusion and delay the processing of the loan.

"With the elimination of the HUD VC-Sheet, FHA Roster Appraisers are to report all readily observable property deficiencies, as well as any adverse conditions discovered performing the research involved in completing the appraisal, within the appraisal reporting form."

HUD offers live webcasts and previously aired programs. If you've missed a scheduled live broadcast or want to review a previously aired show, HUD Webcasts are usually archived within 24 hours after the show ends. Of particular interest to appraisers are the Single Family & FHA series. The most recent in this series is the FHA Appraisal Protocol webcast (12/20/2005). The FHA Appraisal Protocol webcast is presented in two parts, and available with and without captions. The total programlasts approximately 5 hours. It's presented in a panel format and HUD does a good job of discussing many of the new FHA property inspection an reporting changes that became effective January 2006. Part 1 (2 hours) Part 2 - (3 hours) Additional Reading Resouces:

• FHA New Appraisal Reporting Requirements 1-06.pdf
• FHA ML 2005-48 Appraisal Reporting Requirements - Revised.pdf
• FHA 4150.2 (Full) Appendix D.pdf

Additional Appraiser Topic Archives include:

FHA Appraiser Training - September 27, 2005 : Part 1 (2 hours) - Without captions and Part 2 (1 hour, 50 minutes) Without captions Appraisal , Real Estate , Appraiser , Technology , USPAP , RESPA , FHA , Regulation