GAO Finds Deficiencies in HUD Oversight of FHA Appraisers

摘要

While HUD has adopted procedures to detect appraisers who pose a risk to FHA's mortgage insurance fund, the department has fallen short in effectively implementing these measures, according to a new Government Accountability Office (GAO) report. The report looks at HUD's implementation of risk-based oversight of appraisers in FHA's single-family program, including qualifications, monitoring, and sanctions. Each of the four HUD homeownership centers (HOCs) is supposed to target for review at least, 30 appraisers each quarter, based on several risk factors including defaults occurring within 12 months of loan origination. Each HOC is then supposed to conduct desk reviews of 10 appraisals prepared by each appraiser identified by targeting methods. If a desk review finds a problem with an appraisal, HUD or a contractor is supposed to do a field review on up to five appraisals prepared by that appraiser, including a comprehensive inspection of the properties, comparables, and other data used in the appraisals.