CHICAGO – November 20, 2015 – (RealEstateRama) — The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today launched a seminar to help appraisers develop a better understanding of the Federal Housing Administration’s new “FHA Handbook 4000.1.”
The Appraisal Institute’s seven-hour seminar, “FHA Appraising for Valuation Professionals: FHA Single Family Housing Appraisal Requirements,” will provide appraisers all the FHA guidance and requirements needed to complete a mortgage appraisal involving FHA insurance. In addition to the “FHA Handbook 4000.1,” the seminar also will cover the accompanying “Appraisal Report and Data Delivery Guide.”
In September 2015, after decades of relying on multiple sources to properly develop and report FHA assignments, the U.S. Department of Housing and Urban Development and the FHA consolidated these documents into one consistent source– the “FHA Handbook 4000.1.” The handbook supersedes previous handbooks and policy documents.
“The Appraisal Institute is proud to share its thought leadership by offering this seminar to assist appraisers in fully comprehending these new requirements,” said Appraisal Institute President M. Lance Coyle, MAI, SRA. “Appraisers now have in two convenient references all the FHA guidance and requirements that used to fill up hundreds of pages.”
“FHA Appraising for Valuation Professionals: FHA Single Family Housing Appraisal Requirements” will be offered at locations across the country.
Upon completion, participants should be able to:
· Access the FHA’s Handbook 4000.1, Appraisal Report and Data Delivery Guide, and related documents;
· Understand general property eligibility and acceptability criteria for properties used as collateral for an FHA-insured mortgage; and
· Understand the reporting requirements for an appraisal that is to be used by a lender to make a decision on a property’s eligibility for an FHA-insured property.
Learn more about the Appraisal Institute’s seminar.
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The Appraisal Institute is a global professional association of real estate appraisers, with nearly 21,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.