Unencumbered by the thought process!

Well... I returned from the National Reverse Mortgage Lenders Associaiton annual meeting. During the meeting, I was able to discuss several appraisal issues with HUD officials who were attending and presenting information to the NRMLA members.

It looks like HUD has elected to remove licensed appraisers from the FHA Appraiser Roster! They don't know the time frame, but - it could be as soon as tomorrow or as late as never (you know the government).

One thing that is perfectly clear - lenders need to be aware that more than 50% of the appraisers on the FHA Approved Appraiser Roster were added within the past 12 months and most don't have a clue about FHA requirements and standards.

Remember, if you are a lender - HUD is holding you responsible for the appraisals in your loan files.