Effective October 1, 2009, all FHA transactions must adhere to the appraisal guidelines outlined in the Home Valuation Code of Conduct that is currently in place for conventional financing.
This change in FHA guidelines has been enacted to limit the communication between loan officers and the appraisers assigned to case files. Loan Originators, Loan Officers, and Mortgage Loan Production Staff are not permitted to have any substantive contact with the appraiser and must direct all appraisal orders and communication through an Appraisal Management Company.
In addition, FHA appraisals are only valid for a period of 120-days from the date of the appraisal.
While the new FHA guideline does not specifically state that FHA has adopted HVCC guidelines, the new directive mirrors the requirements of HVCC.
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