FHA Announces Webinar & Technology Updates
-For Appraisal Review & Reconsideration of Value Policy-
Written by: Rob Ellis, Senior Compliance Consultant
On July 2nd 2024 the FHA announced (FHA INFO 2024-43) updates to its FHA Connection (FHAC) system and an industry stakeholder briefing webinar as part of the implementation of its Appraisal Review and Reconsideration of Value Updates Mortgagee Letter (ML) 2024-07 published on May 1, 2024.
ML 2024-07 established standards for appraisal reviews and FHA’s Reconsideration of Value (ROV) policies, including requirements for a process by which borrowers may request an ROV if they identify a problem with the appraisal.
Please see SCA’s industry news blog article published May 16, 2024, for more details about these requirements.
FHA subject matter experts will host an industry stakeholder webinar for mortgagees and other interested parties in FHA transactions regarding the recent update to its Appraisal Review and ROV Guidance.
Briefing details include:
• Date: Thursday, August 8, 2024
• Time: 2:00 PM–3:00 PM (Eastern)
• Target Audience: Mortgagees, Loan Officers, Loan Processors, Appraisers, Underwriters, Compliance Personnel and other industry professionals
• Click HERE to register for the live webinar
Registrants are invited to pre-submit questions to sffeedback@hud.gov with the subject line: Updates to FHA’s Appraisal Review and ROV Guidance Webinar. The deadline to submit questions is Thursday, August 1, 2024.
As a reminder, the provisions of ML 2024-07 may be implemented immediately but must be implemented for FHA case numbers assigned on or after September 2, 2024.
If you would like to discuss assistance in implementing these guidelines, please contact our Director, Bill Dolan, at WDolan@scapartnering.com or by phone at (617) 694-2617 and schedule a time to speak with us today.
