Sehar Siddiqi

In a follow-up conversation, NAR staff stressed the value in continued engagement with REALTORS® and industry professionals, especially appraisers.

NAR formally requested HUD to include appraisers in upcoming meetings of the Interagency Task Force on Property Assessment Valuation Equity.

HUD announced changes that more appropriately calculate student loan debt when determining borrower liabilities for FHA loans.

The FHA Mutual Mortgage Insurance Fund remained strong given the financial challenges faced by homeowners with FHA-insured mortgages in 2020.

NAR, as part of a coalition, sent a letter to the HUD Secretary seeking reforms to improve the approval process for FHA condominium loans.

NAR focused on concerns related to risk in the valuation space, the role of technology, and discrimination in appraisals and other valuation products.

The 2020-2021 Uniform Standards of Professional Appraisal Practice (USPAP) will now be effective until December 31, 2022.

President Biden recently issued several actions related to ending discrimination and promoting fair housing and equal opportunity for all Americans.

As of January 19, 2021, persons classified under Deferred Action for Childhood Arrivals, or DACA, program are eligible for FHA insured mortgages.

The maximum loan limits for FHA forward mortgages will rise in 3,108 counties. In 125 counties, FHA’s loan limits will remain unchanged.

The FHA Mutual Mortgage Insurance Fund is well above its statutory minimum of 2% capital reserve ratio at 6.10%, an increase of 1.26% from last year.