New blind appraisal ordering system permits brokers to order appraisals

NAMB Enterprises, a wholly-owned subsidiary of the National Association of Mortgage Brokers (NAMB), has partnered with Olde City Lending Solutions to offer mortgage broker appraisal ordering service for Federal Housing Administration (FHA) loans under the guidelines recently issued by FHA. Olde City Lending Solutions and NAMB have been working diligently to put the new system into production. NAMB is eager about this promising partnership that will undoubtedly save consumers millions of dollars on their home appraisals. NAMB applauds the FHA for permitting a new appraisal ordering system that will save consumers millions of dollars when purchasing or refinancing a home. The NAMB Appraisal Ordering System is a new framework for “blind” ordering of appraisals on FHA loans, compliant with HUD Mortgagee Letter 2009-28 and Addendum FAQs, and ensuring appraiser independence, anonymity and payment for their services. The new NAMB Appraisal Ordering System will allow FHA appraisals to be ordered by mortgage brokers and therefore portable from lender to lender. The lack of portability in the current system has been detrimental to consumers and the housing recovery since first implemented in May 2008. NAMB’s new system will no longer force FHA consumers to pay for multiple appraisals. The NAMB Appraisal Ordering System will promote greater competition, drive down costs for consumers, and protect and preserve the integrity and independence of the home valuation process. NAMB will announce further guidance on how its members can participate in this new program as the NAMB Appraisal Ordering System is deployed. For more information, visit www.nambenterprises.org or www.oldecitylending.com.