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COMING SOON

The Real Estate Appraiser Board is in the process of establishing a system which will allow credential holders to make their annual fee payments and complete their renewals on-line. This system will accept payment by Visa or MasterCard and also by electronic fund transfer. The staff is striving to get the system operational by not later than 1/1/10.

HUD ISSUES APPRAISER-RELATED MORTGAGEE LETTERS

HUD has issued several new Mortgagee Letters that HUD appraisers should read and understand. Your attention is invited to the following documents, each dated September 18, 2009 with effective dates of 1/1/10:

ML 2009-30 – Appraisal Validity Periods. This guidance changes the period during which an appraisal is valid from 6 months for an existing property and 12 months for proposed and under construction properties to 120 days for all properties.

ML 2009-29 – Appraisal Portability. This guidance to lenders incorporates guidance contained in Advisory Opinion 26, USPAP concerning readdressing (or transferring) a report to another lender. Lenders are instructed that when switching lenders, the new lender engage the appraiser in a new assignment, specifying that the scope of work in the new assignment is limited to a client name change. It is effective on 1/1/10.

ML 2009-28 – Appraiser Independence. Among other things, this guidance prohibits FHA lenders from accepting an appraisal from an appraiser who was selected, retained, or compensated in any manner by a mortgage broker or any member of a lender’s staff who is compensated on a commission basis tied to successful completion of a loan. Also, appraisers may not be prohibited from disclosing the amount of their fee in the appraisal report. There is a significant discussion of geographic competency along with a reaffirmation of Appraiser’s Certifications #11 and 12.

You may access HUD guidance at:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/index.cfm

NATIONAL REGISTRY AND HUD/FHA

 There continues to be a number of inquiries about HUD and the relationship between the HUD roster and the National Registry. There is no direct link between REAB and HUD. HUD has its own application process and uses the Appraisal Subcommittee’s National Registry (www.asc.gov) to determine qualification. HUD eliminates those who are expired on the Registry. 

The Registry is not a real-time data link. It is updated monthly on Monday or Tuesday of the week following the Board meeting. Exceptions are not made. Your expiration date on the Registry is the ASC National Registry expiration date. It advances a year at a time as you pay annual fees including the Registry fee. Do not confuse it with the expiration date on your credential. They are not necessarily the same.

Fee statements and renewal notices are forwarded at least seven weeks ahead of the due date. This gives you ample time to remit your fee payment and submit your continuing education and avoid deletion from the HUD roster. Please don’t make the mistake of waiting until the last minute to pay your annual fee or to renew your license.

PROFESSIONAL AFFILIATION AMONG FREDDIE MAC'S NEW APPRAISAL "BEST PRACTICES”

Freddie Mac has revised its guidelines for mortgage lenders to include language that advocates hiring professionally affiliated valuation professionals. According to revised Freddie Mac guidelines, “Sellers should consider membership in a professional appraisal organization as a qualification criterion.”

The various professional appraisal organizations have, for years, been asking for greater emphasis on the qualifications of appraisers and policies that promote the use of highly qualified and experienced appraisers.

Freddie’s revised guidelines are similar to the regulations already employed by Fannie Mae. According to Fannie’s guidelines, “Professional appraisal designations can be helpful in evaluating an appraiser’s qualifications, particularly when the designation is from a nationally recognized organization that has formal experience, education and ethics requirements that are strongly administered.”

Visit www.freddiemac.com/sell/guide/bulletins/pdf/bll0918.pdf to access Freddie’s newly revised guidelines.

BETTY J. CAGLE APPOINTED TO THE BOARD

Governor Brad Henry has appointed Ms. Betty J. Cagle, of Oologah to a five year term as an appraiser member of the Real Estate Appraiser Board.  Ms. Cagle replaces Mr. James W. Hoyt, who served on the Board from 2004 to present. Ms. Cagle was first credentialed by the Real Estate Appraiser Board on December 6, 1991 and is a certified residential real estate appraiser.  Ms. Cagle is a designated member of the Appraisal Institute holding the SRA designation and is an Appraisal Institute instructor.   Ms. Cagle has been a member of the Board’s Standards and Disciplinary Procedures Committee for many years, and is qualified as a certified USPAP instructor by The Appraisal Foundation.