Items Tagged with 'APPRAISAL BIAS'

ARTICLES

  • FHA automates reverse mortgage second-appraisal process

    Lenders will now get an immediate response
    The FHA fully automated the second-appraisal process for HECM lenders on Friday, a move it had promised would come by December 1st. Now, lenders will receive an immediate, automatic response on whether or not a second appraisal will be required before the loan can proceed, curbing some concerns about how much time a second appraisal would add to the loan process.
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  • Committee tracks impact of FHA’s second appraisal rule

    Collects lender data looking for clues on FHA’s methods
    Members of the HUD Issues Committee within the National Reverse Mortgage Lenders Association are taking a deep dive into the Federal Housing Administration’s second appraisal rule for select HECM loans. “We are tracking what we think are key elements to see if we can’t figure out where some of the problems may lie,” said Committee Chair Elly Johnson. Here’s what they’ve uncovered so far.
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  • HUD: Reverse mortgage second appraisal rule affecting about 20% of HECMs

    Panel gives update on impact of recent HECM program changes
    The latest mandate requiring a second appraisal on select reverse mortgage loans has affected about 20% of HECM appraisals so far, according to representatives at the Department of Housing and Urban Development. Speaking on a panel at NRMLA's conference on Monday, HUD staff members presented data on the impact of the new appraisal rule and other recent changes made to the reverse mortgage program.
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