Bad Fashion
- Do these look good on me?
Is it the stunning success of HVCC that FHA is now trying to emulate? I can certainly see why. What — with all the unnecessary expense, the unnecessary delays, and the appraisers being sent to unfamiliar territory - what’s not to like here?
For FHA to follow this ridiculously flawed legislation is like wearing leg warmers in junior high school. It just looks stupid. But then again, why did all of us girls dress like Madonna in the 80’s? Because we all are going to do things we regret later in life, and FHA is no exception.
Four new Mortgagee Letters came out from HUD at the end of September, including Mortgagee Letter 2009-28 which pertains to Appraiser Independence, and it goes into effect January 1, 2010. Like HVCC, it revokes our ability to communicate with appraisers. In other words, it puts lenders in the position of assembling a thorough, accurate loan package for the underwriter with one hand tied behind our back. With a leg warmer.
To the folks at FHA: please don’t try to duplicate something that isn’t working in the first place.
