News & EventsFHA Appraisals
In accordance with FHA Mortgagee Letter 2009-28, which affects all case numbers issued after January 1, 2010, Financial Asset Services has implemented several quality control guidelines to ensure all FHA appraisals ordered through FAS meet the standards for FHA acceptance:
- Appraiser Selection - all FHA appraisals are ordered independently by non-commissioned individuals with no direct economic ties to the outcome of the transaction
- FHA Connection - validation that appraisal work is completed by approved FHA appraisers
- Appraiser Compensation - is reasonable and customary in the market. FAS conducts regular surveys to assess compensation levels for its approved appraiser panel
- Appraiser Independence - all access and communication with the appraiser is managed by FAS, ensuring true independence in the valuation process
- Appraiser Competence - we hand-select all appraisers who complete work to ensure ability to perform per client delivery expectations and to ensure the appraiser is capable and competent based on property specifications
In addition, all appraisals completed through FAS undergo several quality control review steps, including a final review by our in-house licensed appraisers, who are consistently up-to-date on all FHA regulations and requirements.
