Appraiser Feedback Sought for New FHA Handbook
On April 8, the U.S. Department of Housing and Urban Development asked appraisers, lenders and other stakeholders to provide feedback on its new Federal Housing Administration handbook, which will serve as a consolidated resource for the agency’s single-family housing policy. The comment period will last 30 days, Mortgage Daily reported.
The handbook was designed to make it easier to do business with the FHA by offering simpler language on the mortgage process so stakeholders can more readily understand processes and procedures.
“Without feedback, FHA's final handbook would lack critical revisions or changes that would improve its usefulness,” HUD noted in a news release, Mortgage Daily reported. “In particular, obtaining feedback permits FHA to have a handbook that helps lenders and appraisers quickly find needed information and reduces the need for them to obtain clarification and direction on existing and changing policy.”
Correction: April 17, 2014
The U.S. Department of Housing and Urban Development notified the Appraisal Institute that the handbook is still being reviewed internally and is not yet ready for public review. HUD anticipates having a draft available for comment in May. We will post a link to the draft when it becomes available.