VALUATIONS
FHA
Service 1st Valuation and Settlement Services, Inc. provides FHA appraisal reports on a nationwide level. We are fully compliant with the HVCC and FHA guidelines which were set fourth April 15, 2010. We provide the industry’s highest levels of customer service and quality which is why we deliver consistent appraisal products which follow all USPAP guidelines, FHA Guidelines and HVCC guidelines.
The New Appraiser Independence guidelines for ordering appraisals for FHA-insured mortgages and reaffirms existing policy on FHA requirements regarding appraiser independence and geographic competence. Mortgage brokers and commission based lender staff are prohibited from ordering appraisals. FHA does not require the use of Appraisal Management Companies or other third party providers, but does require that lenders take responsibility to assure appraiser independence. While FHA's existing policies regarding appraiser independence are consistent with the Home Valuation Code of Conduct (HVCC), FHA will adopt language from the Code to ensure full alignment of FHA and GSE standards.
The purpose of the FHA appraisal product is to determine the market value and acceptability of the property for FHA mortgage insurance purposes. The value serves as a basis for determining the maximum FHA insurable mortgage loan. The appraisal is performed for the use and benefit of HUD, and the lender involved in an FHA transaction. In addition to providing an estimate of value, the appraisal provides an examination of the property for any visible, obvious and/or apparent deficiencies that may affect the livability of that property in terms of basic needs, health and safety of the property's occupants. HUD/FHA MAKES NO WARRANTIES AS TO THE VALUE AND/OR CONDITION OF ANY FHA-APPRAISED PROPERTY, therefore buyers/borrowers must determine for themselves that the price of the property is "reasonable" and that it's condition is "acceptable".
For More information regarding our FHA appraisal products please call 412.200.2550. If you would like additional information regarding FHA appraisal Guidelines or the FHA Appraiser Independence please feel free to visit our reference section.