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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.

 Oklahoma Enacts New Appraiser Independence Law

On May 13, Oklahoma became the latest state to enact a law that will help to ensure that appraisers remain an independent, third-party voice in the real estate valuation process. The signing of S.B. 1062 by Gov. Brad Henry will bring Oklahoma into compliance with the federal Secure and Fair Enforcement for Mortgage Lending Act of 2008. The primary goal of S.B. 1062 is to enact a licensing program for mortgage brokers and mortgage loan originators that includes education, examination and financial requirements. 

Also included in S.B. 1062 is a provision that makes it illegal for mortgage brokers and mortgage loan originators to: “Make any payment, threat or promise, directly or indirectly, to any entity or individual for the purposes of influencing the independent judgment of the entity or individual in connection with a residential mortgage loan or make any payment, threat or promise, directly or indirectly, to any appraiser of a property, for the purposes of influencing the independent judgment of the appraiser with respect to the value of the property” 

A mortgage broker or loan originator that is found to have violated the new law is subject to: 1) having their license suspended, revoked, or non-renewed; 2) being censured, 3) being placed on probation; 4) being ordered to pay restitution; and 5) being required to pay a civil fine of between $100 and $2,500.

FANNIE MAE GUIDANCE FOR LENDERS AND APPRAISERS

Fannie Mae has released an updated publication, Guidance for Lenders and Appraisers, dated April 2009. This is published to supplement the policy in the Fannie Mae Selling Guide. Residential appraisers should be aware of the contents contained therein. This new publication may be accessed on their website at Guidance for Lenders and Appraisers.