Aug
25
Seattle Home Mortgage – HVCC will not be required by HUD
ByAccording to the National Mortgage News, David Stevens commissioner for FHA has told the National Association of Mortgage Brokers that FHA will not implement HVCC on FHA loans because of the problems that they have been causing. This is great news for the Seattle Home Mortgage market as well as nationally. HVCC as you know is the newest requirement which has taken away the ability for mortgage originators to order appraisals for their clients.
[...] Tom Themelis wrote an interesting post today onSeattle <b>Home Mortgage</b> – HVCC not required on FHA loans | 1st <b>Rate</b> <b>…</b>Here’s a quick excerpt [...]
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Can you provide more information on this?
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Hi Lisa,
Since the posting of my blog regarding FHA and not requiring HVCC appraisals. The federal government is changing their policy and are going to also require FHA appraisals to be handled similarly like conventional loans. Long story short. Loan officers will no longer be able to order appraisals for FHA loans either. Hope that helps.
Hi Rick,
Unfortunately, the federal government has had a policy change and FHA will be required to have appraisal’s ordered by the lenders similar to conventional loans. Hope that helps.
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