All properties bought or refinanced with an FHA loan have to be appraised by a HUD-approved home appraiser. Since the Federal Housing Administration’s overhaul of its Single-Family Housing Policy Handbook the FHA is demanding a higher level of performance from appraisers.
The National Association of Relators (NAR) is reporting that some feel that the recent changes to the FHA's handbook on appraisals require appraisers to take on home inspection-type duties to ensure standards are met and that consumers can mistake the role of the appraisal for that of an inspection.
To help prepare the Illinois Coalition of Appraisal Professionals (ICAP) for its upcoming meeting with the NAR it has prepared the following survey for FHA Appraisers.
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