FHA - Waiver Issued for Appraisal Reporting Requirement
NewRez LLC "NewRez" Approved Correspondent Clients: please note, FHA has announced a partial waiver of the appraisal requirement to include a minimum of two (2) active listings or pending sales, in addition to the three (3) settled comparable sales, when appraising properties located in areas with changing market conditions.
The waiver, effective immediately, is meant to apply to appraisals for properties in areas where the local housing trends are increasing property values and shortage of housing supply. The waiver was issued to provide relief in markets where there might be a lack of active listings and pending sales due to the rapidly changing market.
FHA Roster Appraiser are still required to include a minimum of two (2) comparable sales that closed within 90 days from the appraisal’s effective date and a current absorption rate analysis when appraising properties located in changing market areas.
The waiver is valid for FHA Appraisals with effective dates between April 26, 2021 and April 26, 2022.