Specifically, in July of 2008, Congress mandated that FHA appraisers demonstrate verifiable education on FHA appraisal requirements.
In addition, in February of 2008, HUD revised its form that appraisers use to apply to the FHA Roster by removing the ten essay questions which constituted its "national exam." However, the FHA Roster application still requires the applicant to certify to the following:
I will comply with HUD Handbook 4150.2, "Valuation Analysis for Home Mortgage Insurance for Single Family One- to Four-Unit Dwellings" (with particular emphasis on Appendix D, "Valuation Protocol"), any updates to the Handbook, Mortgagee Letters, and all other instructions and standards, in performing all appraisals on properties that will be security for HUD/FHA insured mortgages.
With all of these changes, the Appraisal Institute's online seminarFHA and the Appraisal Process is designed to get appraisers up-to-speed on FHA policies and procedures, but it is much more than that!
If you're brand new to FHA appraising and need to know where to start, or you're a seasoned FHA pro looking for an up-to-date refresher, this is the course for you. Here's a quick rundown on what this course offers:
FHA and the Appraisal Process will benefit any residential appraiser whether or not that individual ever performs an FHA assignment. Many of the concepts presented are applicable to all residential appraising. And let's face it, most appraisers can benefit from enhancing their skill sets when it comes to property observation techniques. So are you ready for FHA appraising? Here's a closer look at the module topics and learning objectives.
Module 1: Introduction FHA Appraising
Module 2: How to Think Like an FHA Appraiser
Module 3: Property Analysis Part 1
Module 4: Property Analysis Part 2
Module 5: Property Analysis Part 3
Module 6: Highlights on FHA Appraisal Guidance
AI CE Credit for Designated members, Candidates for Designation and Practicing Affiliates
This program is approved for 1.25 hours of Appraisal Institute CE credit for every hour taken.