FHA Reminder – Pending Expiration of Partial Waiver for Appraisal Report Requirements in Changing Markets
Newrez Approved Correspondent Clients: please note the changes announced in this announcement are effective for appraisals with an effective date on or after April 27, 2022.
Please note that the FHA temporary waiver, announced on April 27, 2021, to suspend certain appraisal reporting requirements for properties in changing markets will expire on April 27, 2022. Under the existing waiver, FHA rosters appraisers are not required to include, analyze, and report a minimum of two active listings or pending sales on the appraisal grid for properties in changing markets with increasing property values and a shortage of housing supply.
Effective April 27, 2022, appraisal reporting requirements for properties in changing markets will return to full compliance with existing Handbook 4000.1 requirements in Section II.D.4.c.iii. (F)(2) that the appraiser must include, analyze, and report a minimum of two active listings or pending sales on the appraisal grid.
See Newrez FHA Underwriting Guide for additional details.