FHA automates reverse mortgage second-appraisal process

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The FHA fully automated the second-appraisal process for HECM lenders on Friday, a move it had promised would come by December 1st. Now, lenders will receive an immediate, automatic response on whether or not a second appraisal will be required before the loan can proceed, curbing some concerns about how much time a second appraisal would add to the loan process.