The Department of Housing and Urban Development (HUD) is seeking approval from the Office of Management and Budget (OMB) for a collection of information to continue designating appraisers and collecting appraisal reports. This is part of the process to ensure accuracy in mortgage insurance under the Federal Housing Administration (FHA), particularly for buyers with limited income and low property equity. HUD is inviting public comments on the necessity, accuracy, and methods of this information collection by February 25, 2025. The collection aims to uphold the quality of appraisals and provide information to potential homeowners about the benefits of independent home inspections.
Simple Explanation
The Department of Housing wants to make sure people who check the prices of houses (called "appraisers") are doing a good job when they help people buy homes. They are asking people to say if they think the way they gather this information is a good idea, and people have until the end of February to tell them what they think.