HUD announced last month that during the first quarter of 2008, FHA mortgage originations doubled, going up to 181,900. And they also changed their FHA approved appraiser guidelines, opening the doors to more appraisers. As many appraisers nationwide look for ways to broaden their available services, this is welcome news indeed.
Unlike VA-backed mortgages, FHA appraisals aren't assigned on a round robin basis to the approved appraiser panel in a given area. Instead, the individual lender/client picks an appraiser who they know is approved for doing FHA appraisals. So unlike the VA, simply being approved doesn't translate into assignments showing up on their own.
If you're not FHA approved, go to www.hud.gov/groups/appraisers.cfm. You can fill out an online application and find out what's expected for FHA appraisals. Once you're on the roster, the next step is letting lenders in your area know you're approved.
Proactively communicating with your clients is part of any good marketing strategy. Telling them about new technology you've implemented to increase your speed, letting them know about new customer services you offer to make their lives easier, or thanking them for their business so they know they're appreciated are all things you're probably doing now anyway (If you're not doing these things, you should be). So being FHA approved is another good reason to call, e-mail or visit them face-to-face.
To help broadcast your FHA approved status, we've added several new e-mail and print pieces to our XSellerate ad library. You can add these to any existing campaign, or create a new automated campaign expressly for letting them know about your new status. Click here to learn more about XSellerate and see more of the ad library.
We've also added a new pre-written content page you can add to your Appraiser XSite. Remember, search engines look favorably on new content added to your website, so adding this content page and customizing it for your business and service area will be good for your search engine efforts.
If you're looking for additional sources of work, getting FHA approved could help. But you'll also need to communicate your FHA approved status to existing and potential clients and use it as an opportunity to keep yourself on their minds and remind them to send business your way.