FHA to Address Appraisal Issues

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It has been reported that in remarks at the recent Mortgage Bankers Association 2018 Annual Convention in Washington, DC, FHA Commissioner Brian Montgomery said the agency is concerned about issues it has become aware of regarding appraisals for FHA insured forward mortgages.  Montgomery indicated the agency is close to policy decisions that could affect appraisals and other parts of FHA lending but did not indicate when those decisions would be announced or the specific changes the agency will make.

The agency previously identified appraisal bias in a review of its reverse mortgage portfolio.  The review disclosed appraisal issues in 37% of the reverse mortgages and the agency has taken action to address the issues.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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