93°F
weather icon Partly Cloudy

New policy designed to reduce ‘appraisal inflation’

The Federal Housing Administration announced that it will begin requiring lenders originating new Home Equity Conversion Mortgages commonly referred to as reverse mortgages, to provide a second property appraisal under certain circumstances.

FHA is instructing lenders to provide a second independent property appraisal in cases where FHA determines there may be inflated property valuations, the federal government said last week.

FHA’s new requirement takes effect for case numbers assigned on or after Oct. 1, 2018 through Sept. 30, 2019. FHA will periodically review this guidance and, based on the results, may renew these requirements beyond fiscal year 2019.

FHA will perform a risk assessment of appraisals submitted for use in new Home Equity Conversion Mortgage originations.

Further information on this Federal Housing Administration announcement is available at www.hud.gov

Don't miss the big stories. Like us on Facebook.
THE LATEST
Beatty officials take stance on Greenlink, SUP’s

The Beatty Town Advisory Board took positions on three topics in their May 23 meeting, approving letters stating those positions to be sent to various agencies and officials.

The Source cannabis dispensary aiming for July opening in Pahrump

The Source secured the necessary privilege license from Nye County to allow for the opening of Pahrump’s second pot dispensary and company officials are eagerly anticipating the start of business.

Here’s how you can celebrate Memorial Day in Pahrump

Memorial Day is known as many things in the U.S. and while taking advantage of the three-day weekend and warming weather is a focus for the masses, the true meaning behind the holiday is much more somber.

Tonopah Class of 2022: Grads talk about school in a pandemic and future plans

The Times-Bonanza caught up with some of the graduating seniors from the Tonopah High Class of 2022 to talk about their high school memories, experiences during the pandemic and future plans. Here are excerpts from those interviews.

Balloons are back: Pahrump festival will see a 9th year

The Pahrump Valley Chamber of Commerce’s decision to cancel the 9th Annual Pahrump Balloon Festival earlier this year was a source of much dismay and disappointment for area residents but thanks to the efforts of the Dubin family and Balloons Over Pahrump, the event is now set to make a comeback this fall.

How Pahrump came together to feed veterans at the Rib Extravaganza

Rising to a challenge posed just three days prior to the big event, the Pahrump community came through in a big way for the “Support Our Troops Rib Extravaganza” with combined donations totaling more than $4,000 and hundreds of veterans able to enjoy a hearty lunch at absolutely no cost.