Overview
In a series of Mortgagee Letters, dated September 18, 2009, the U. S. Department of Housing and Urban Development (HUD) provided new guidelines, with an effective date of January 1, 2010, affecting the independence, portability, and validity periods of appraisals used in its Federal Housing Administration (FHA) program. On December 7, 2009, HUD issued the adoption of the Appraisal Update and/or Completion Report (Fannie Mae Form 1004D/Freddie Mac Form 442/March 2005), with an effective date of January 1, 2010.
On December 22, 2009, HUD announced a delay to the implementation date to February 15, 2010, with respect to Appraiser Independence (ML 09-28) and Appraisal Update and/or Completion Report (ML 09-51) to February 15, 2010.
Effective: February 15, 2010
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