FHA Update HUD SF Handbook 4000 - Missouri …

1 4/6/ 2016 . FHA Update HUD SF Handbook 1. THE FHA APPRAISAL. A S U M M A R Y O F T H E C H A N G E S E F F E C TI V E. IN 2015 & 2016 . PRESENTED BY: GREG STEPHENS, SRA, MNAA, CDEI. CHIEF APPRAISER, SVP COMPLIANCE. M E T R O - W ES T A P P R A I S A L C O M P A N Y.. FHA Update . 2. This presentation focuses on Appraisal requirements documented in the new HUD. Handbook which became effective September 14, 2015, updated 3/14/ 2016 . Presentation content was obtained from: website;. In-person training at the Denver Homeownership Center;. In-person training in Fort Worth, Texas;. HUD training videos presented in April, May, and September 2015, class room and on-line HUD Update courses.. Wednesday, April 6, 2016 . FHA Update . 3. Presentation content was also obtained from: Personal interviews with Gary Eisenbraun, Branch Chief, Appraisal/Technical Support, Denver HOC.

2 Special acknowledgements to Tom Munizzo and McCarthy for their contributions to the content of this presentation.. Wednesday, April 6, 2016 . 1. 4/6/ 2016 . Course Schedule FHA Update . 8:00 8:30 > Registration 8:30 9:30 > Review of4 Updates 9:30-9:45 > First Morning Break 9:45-10:45 > Continuation of Updates 10:45-11:00 > Second Morning Break 11:00 12:00> Protocols 12:00-1:00 > Lunch 1:00 2:00 >Property Inspections 2:00-2:15 > First PM Break 2:15 3:15 >Valuation Protocols 3:15-3:30 > Second PM Break 3:30 4:15 >Mfg.,REO, Condo, 203(k). 4:15 4:30 > Wrap Up . Wednesday, April 6, 2016 . A Few House Keeping Items FHA Update . No Tape Recording 5. Silence Cell Phones Buys First Round of Drinks . Professional Classroom Demeanor No Scurvy Elephants Restrooms Attendance Sheets 100% required 50 Minutes/Hour Classroom Evaluations.

3 Wednesday, April 6, 2016 . Don't Shoot The Messenger 6.. Wednesday, April 6, 2016 . 2. 4/6/ 2016 . Don't Shoot The Messenger 7. Disclaimer As mentioned in the previous slide, this presentation is a compilation of information obtained from numerous HUD/FHA resources and is meant to provide you with an informative Update as a supplement to the authoritative documentation published by HUD/FHA. Any questions relating to FHA/HUD guidelines should always be directed to your nearest HOC. Wednesday, April 6, 2016 . Presentation Objectives 8. Clarify Sections of Handbook specific to Appraisals Discuss the Appraisal Report & Data Delivery Guide Clarify Information Required Prior to Commencement of Appraisal Provide an Overview of General Appraiser Requirements What is New What is Not New What is Different Emphasize Key Expectations Review Property Condition Requirements Practical Applications / Discussions.

4 Wednesday, April 6, 2016 . Homeownership Centers 9.. Wednesday, April 6, 2016 . 3. 4/6/ 2016 . HUD by the numbers 10. Five Star Government Forum Washington Edward Golding, Principal Deputy Asst. Secretary Less than 900 employees in Single Family GSEs have 15,000 of which 2/3 are in SF Business FHA borrower - Average FICO is 690. Process 3,000 loans / day @ 3% down. 40% of loans are for First Time Homebuyers One Third of loans are to minorities 20 years running Underfunded . 10 systems that are > 30 years old. 47,000 appraisers on Roster . Wednesday, April 6, 2016 . HUD Resources 11. Resource Center: 800-CALL FHA ( 800-225-5342). E-Mail: Knowledge Base: Training Videos: SF Handbook Events and Training/Archived Webinars Module 3A: Appraisals Module 3B: Underwriting the Property . Wednesday, April 6, 2016 .

5 Accessing 12.. Wednesday, April 6, 2016 . 4. 4/6/ 2016 .. 13.. 14.. 15. Wednesday, April 6, 2016 . 5. 4/6/ 2016 . ROSTER INFORMATION & HUD UPDATES. 16.. Wednesday, April 6, 2016 .. 17.. Wednesday, April 6, 2016 . HUD SF Handbook 18. 6. 4/6/ 2016 . FHA Single Family Housing Policy Handbook 19. Title I - Doing Business with FHA. Title II Origination Through Post-Closing Endorsement Title III Servicing and Loss Mitigation Title IV Claims and Disposition Title V Quality Control Oversight & Compliance Appendix .. Significant Dates - 2015. 20. April 30, 2015 . FHA Announced that it extended the effective date for the policies contained in the Single Family Housing Policy Handbook - (HUD Handbook ) from June 15, 2015 to September 14, 2015. June 24, 2015 . FHA added two new sections to the Handbook that became effective March 14, 2016 .

6 Servicing & Loss Mitigation Title II Insured Housing Programs Forward Mortgages Quality Control, Oversight & Compliance Servicer Tier Ranking System II.. Significant Dates - 2015. 21. November 5, 2015. Updated Appraisal Report & Data Delivery Guide Revised Sales History of Comps from 3 years to 1.. 7. 4/6/ 2016 . Significant Dates - 2016 . 22. October 2015. Updated Appraisal Report & Data Delivery Guide Revised Sales History of Comps from 3 years to 1.. Significant Dates 3/14/ 2016 . 23.. 3/14/ 2016 Update 24. 1. This Transmits: Handbook , FHA Single Family Housing Policy Handbook . 2. Explanation of Materials Transmitted: This revision to the FHA Single Family Housing Policy Handbook , or Handbook ( Handbook ), is being published to add new sections to the Handbook and Update existing sections. To prepare for future publications of additional sections of the Handbook as described below, future changes to the table of contents have been denoted in this Update .

7 8. 4/6/ 2016 . 3/14/ 2016 Update 25. Section I Doing Business with FHA. Added the following Sections: Other Participants Real Estate Brokers Other Participants Closing Agents.. 3/14/ 2016 Update 26. Section II Origination Through Post- Closing Endorsement Added Placeholders for: Title II Insured Housing Programs Reverse Mortgages Condominium Project Approvals Title I insured Programs Appraiser and Property Requirements for Title I. Appraiser and Property Requirements for Title II Forward and Reverse mortgages - (currently section ). Will become .. 3/14/ 2016 Update 27. Section III Servicing and Loss Mitigation Added placeholders for: Title II Insured Housing Programs Reverse Mortgages Title I Insured Programs Section IV Claims and Disposition Added the following sections: Title II Claims Title II Disposition Added placeholders for: Title I Claims Title I Disposition.

8 9. 4/6/ 2016 . 3/14/ 2016 Update 28. Section V Quality Control, Oversight and Compliance Added the following sections: Quality Control of Other Participants Real Estate Brokers Quality Control of Other Participants Closing Agents Monitoring of Other Participants Real Estate Brokers Monitoring of Other Participants Closing Agents Enforcement Real Estate Brokers Enforcement Closing Agents Additionally, the Handbook is being published to provide updates to existing Handbook content.. 3/14/ 2016 Update 29.. 30.. 10. 4/6/ 2016 . 31.. 2016 -2017 USPAP. 32. ASSIGNMENT RESULTS: An appraiser's opinions or conclusions developed specific to an assignment. Comment: Assignment results include an appraiser's: opinions or conclusions developed in an appraisal assignment, not limited to value;. opinions or conclusions, developed in an appraisal review assignment, not limited to an opinion about the quality of another appraiser's work; or opinions or conclusions developed when performing a valuation service other than an appraisal or appraisal review assignment.

9 Physical characteristics are not assignment results.. 2016 -2017 USPAP. 33.. 11. 4/6/ 2016 . Real Estate Brokers 34.. Real Estate Brokers 35.. Investment Properties 36.. 12. 4/6/ 2016 . Investment Properties 37.. Property Flipping 38.. Property Flipping 39.. 13. 4/6/ 2016 . Minimum Property Standards 40.. If the Appraiser cannot determine that a Property meets HUD's MPR or MPS, the Mortgagee may obtain an inspection from a qualified Entity to make the determination. Mortgagees must use professional judgment in determining when inspections are necessary to determine that a property meets MPR or MPS.. Minimum Property Standards 41.. Mortgagees must also use professional judgment in determining when a Property condition poses a threat to the health and safety of the occupant and/or jeopardizes the soundness and structural integrity of the Property, such that additional inspections and/or repairs are necessary.

10 203(k). 42.. 14. 4/6/ 2016 . Limited 203(k) [Former Streamline]. 43.. Energy Efficient Mortgages 44.. Energy Efficient Mortgages 45.. 15. 4/6/ 2016 . Energy Efficient Mortgages 46.. Energy Efficient Mortgages 47.. Energy Efficient Mortgages 48.. 16. 4/6/ 2016 . Energy Efficient Mortgages 49.. Appraisal Report & Data Delivery Guide 50.. 51.. 17. 4/6/ 2016 . 52.. 53.. 54.. 18. 4/6/ 2016 .. 55.. Appraisal Report & Data Delivery Guide 56.. Field and Protocol Tables 57.. 19. 4/6/ 2016 . Reporting Sales History 58.. HUD SF Handbook 59. Title II. Origination Through Post Closing B. Appraiser & Property Requirements 60.. 20. 4/6/ 2016 . 61.. 62.. FHA Single Family Housing Policy Handbook 63. Title I - Doing Business with FHA. A. FHA Lenders and Mortgagees B. Other Participants 1. Appraisers a. FHA Appraiser Roster b.