HUD has released an update to their Appraisal Report and Data Delivery Guide. This is a great resource from HUD that identifies every field on the four appraisal reports they use and what their requirements and guidelines are for those fields. I have posted this link on our website for future reference.
Here are the specific updates:
• Clearly specify that the required format of the FHA Case Number is a numeric only;
• Update language in several spots for clarity and consistency; and
• Align the Data Delivery Guide with existing policy concerning the reporting of comparable sales from “within three years” to “within one year” of the effective date of the appraisal.
Here is the link to the update:
Also remember to use HUD’s new 4000.1 Single Family Housing Policy Handbook for all things FHA appraisal related.