Lots Of Action On FHA With New Mortgagee Letters And On Capitol Hill!

Written By: Stacey Sprain,


Certified Ambassador Loan Processor (CALP)

It’s been a busy few weeks on the FHA-Front with the release of several Mortgagee Letters as well as movement on the FHA Reform Bill on Capitol Hill in Washington. Let’s review:

Mortgagee Letter 2010-13-Appraisal Update and/or Completion Report (Fannie Mae Form 1004D/Freddie Mac Form 442/March 2005)

It was definitely a positive that HUD issues this communication because the content of this bulletin most certainly clears up confusion on appraisal validity when an existing FHA appraisal is extended by the appraiser with FNMA Form 1004D. HUD communicates one fact in ML 2010-13 that was not so clear in the first communication issued via Mortgagee Letter 2009-51: That the original FHA appraisal may only be extended one time with the use of the Appraisal Update Report.

It was also clarified that the maximum validity of the FHA appraisal......http://bit.ly/d9IPrZ

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