Question:

Has the FHA approved appraiser exam really been cancelled?

Answer:

Yes. As of February 7, 2008, the FHA approved appraiser exam has been canceled.

As only FHA Roster Appraisers can perform appraisals on homes to be used as collateral in FHA loans, prior to the recent changes all appraisers wanting to get on the FHA Roster had to pass the additional FHA approved appraiser exam.

Now this requirement is waived, as the FHA approved appraiser exam is considered to be redundant and duplicative of the state and national examination requirements.

With the new rule enacted by HUD, passing the FHA approved appraiser exam is not required to get on the FHA Appraiser Roster. Rather, you only need to be registered appraiser/inspector with your state, file an application to HUD and shouldn't be listed on either of the General Services Administration's Suspension and Debarment List; or HUD's Credit Alert Interactive Voice Response System (CAIVRS); or HUD's Limited Denial of Participation (LDP) List.

The application form HUD 92563 for real estate appraiser or compliance inspector can be downloaded online; a copy of valid state appraiser's license or certificate is required; your credentials have to satisfy the minimum requirements set by the Appraisal Qualification Board (AQB).

Now, except passing an FHA approved appraiser exam, the applicant's application will simply be reviewed by HUD-appointed reviewers. If criteria are satisfied, you will be added to the HUD's Computerized Homes Underwriting System (CHUMS) and be able to see your name listed on the FHA Appraiser Roster online. If your application is not approved, you will receive a letter listing the reasons for the rejection.

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