Background and History - "About Them" - HUD, FHA, FNMA, GNMA, and FHLMC
This chapter will include the "About Us" and other information from the following web sites. Visit their web sites for more information. I've included this so that you have a basic idea of what each of these organizations does. They are all VIP's - very important players, in the real estate, mortgage loan, and appraisal businesses!! These are the people who determine the guidelines for filling out the standard real estate appraisal and mortgage loan forms. They also determine what updates or changes are made to the forms. This chapter will discuss the appraisal forms that you are most likely to use for residential appraisal reports and the additional guidelines you need to follow to fill them out correctly. You can visit www.nemmar.com or view copies of the standard appraisal forms that you will likely encounter for residential appraisal reports. These forms and the guidelines to filling them out are updated periodically. I have also included section HUD and FHA Guidelines and section Real Estate Appraiser Guidelines for you to use as a reference. You should learn these guidelines and rules for doing appraisals and for filling out the standard appraisal forms for your reports. The HUD/FHA and State appraisal procedures, requirements, and the amount of information listed in those sections will probably seem overwhelming to you at first. However, as you become an experienced appraiser it will be much easier to remember the standards and rules you need to follow to appraise real estate and fill out those form reports. So don't try to memorize everything right away. Just take your time and learn each section at your own pace. The procedures outlined in those sections can help you when you encounter all types of situations on your appraisals. Remember, the guidelines are the minimum standards to follow. You should also try to exceed the minimum standards so that your reports are top-notch and your clients keep sending you referral business due to the high quality of your appraisal work.