The FHA was in town last week.  They had a lot to say.  Now that they are on the rise as a lending opportunity, after having been on the decline for years, they have lots of news for us all about how they expect their work to be done.

First of all, as of November 1, 2008, all FHA appraisals done on properties in Washington State have to be done by a CERTIFIED appraiser.  No longer will appraisals from Licensed appraisers be acceptable.  NO EXCEPTIONS.

In Oregon the date that all FHA appraisals have to be done by a CERTIFIED appraiser is September 30, 2009.

Perhaps the most important aspect of this for lenders is that the FHA checks the licensee status of all appraisers regularly.  If an appraisal is submitted after these dates, and it is not by a CERTIFIED appraiser, they will reject the appraisal, you’ll have to start over again.  It will cost more money and time.

Ralph Olsen, IFA

Pacific West Appraisal Services, Inc.

pwas.net