With the fall of the real estate market in the country, here in Los Angeles, we have been hard hit. Business has been slow. Since the Feds introduced the Economic Stimulus Plan and HUD lowered loan limits, business is slowly picking up.
In an attempt to diversify into new markets, I applied to be an FHA Roster appraiser. After spending hours on the HUD and FHA websites and real estate industry websites and message boards, I realized that there was scattered information about appraising for FHA. Although the FHA website seems to be catching up with information for appraisers, it was difficult to find out basic information like if the VC form was still used.
This month, I attended a seminar sponsored by the National Association of Professional Mortgage Women, an organization that, as it turns out, has many members both male and female whose main focus is to provide education to industry professionals. The seminar featured several HUD employees who trained appraisers from California, Nevada and Arizona on appraising for FHA insured loans.
The class was amazing and the representatives from FHA were extremely knowledgeable and personable. I learned where to find the information I was looking for and what FHA looks for in appraisals.
The appraisers who actually worked for HUD wanted to let appraisers know that we are the eyes of FHA. We paint a picture for the agency so that they can make sure that they know the risk they are taking in insuring loans. If we miss something important, it puts HUD at risk. They are relying on us to make sure that they get all the information they need in the format they are asking for.
I am currently writing an ebook which not only includes MANY resource documents, it explains what HUD and FHA actually are, how to get on the list and how to perform a FHA appraisal. Keeping checking with me to find out when the book is finished.
Comments