Category: FHA

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Mortgage Fraud – Trends and Schemes

In last month’s edition of the AppraisalPort newsletter, I covered some of the appraisal guidelines that were discussed at the National AI Connect Conference in Indianapolis, July 23-25, 2013. This month, I want to discuss another session that dealt with mortgage fraud. I learned a lot about how people are trying to get rich through fraud in this very interesting breakout session. The session, “Residential Mortgage Fraud Enforcement: Trends and Identifying Schemes,” included presentations from Housing and Urban Development’s (HUD) Special Agent Eric Mascari, Interthinx’s Ann Fulmer, and Gary Crabtree, SRA, owner of Affiliated Appraisers. The session focused on the...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

Regulatory Claims Exclusion 0

Regulatory Claims Exclusion

Navigators Sues More Appraisers to Deny Coverage under “Regulatory Claims” Exclusion Last Thursday, November 14, Navigators Insurance Company sued two more appraisers to enforce “regulatory claims” exclusions in the E&O policies they purchased. These appraisers are in Nevada. Like the appraiser sued by Navigators in Florida on November 6, the Nevada appraisers are being sued by the FDIC for professional negligence in cases filed about a year ago. The objective of Navigators’ lawsuits is to seek court confirmation of Navigators’ legal position that there is no coverage under Navigators’ policy for damages awarded against the appraisers to the FDIC, which is demanding about $500,000...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O

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GSEs Still Finding Problems with Home Appraisals

Three years after the creation of a database seeking to standardize the home appraisal process, Fannie Mae and Freddie Mac continue to see major issues in numerous appraisals submitted by mortgage lenders, American Banker reported Sept. 12. Fannie Mae conducted a sampling of appraisals and determined that 17.6 percent contained contradictory information, typically pertaining to the condition or quality of the property, Robert Murphy, the GSE’s director of collateral and single-family risk policy, told a Phoenix conference of risk managers. He added that those two factors are the most important in determining a property’s value. Elevated appraisals contributed to the...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

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Appraisal Guidelines

In the August edition of the AppraisalPort Newsletter, I reported on some of the general information covered at the National AI Connect Conference in Indianapolis, July 23-25, 2013. This was a great conference, covering a wide range of topics. This month, I want to pass on some information covered in one of the breakout sessions for residential appraisers. The session was titled, “Residential Chief Policy Roundtable” and included presentations from Fannie Mae’s Robert Murphy, the Appraisal Institute’s Bill Garber, HUD’s Ada Bohorfoush, and the VA’s Gerald Kifer. At Fannie Mae, Murphy handles many of the issues regarding appraisers and the...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

Review Appraisers Need to be the Voice of Reason 9

Will the Madness Ever Stop???

Review Appraisers Need to be the Voice of Reason Having spent the day commiserating with my fellow appraisers, I have to admit the policies and procedures of most reviewers, underwriters and lenders have finally crossed the line from insane to inexplicable. It was bad enough, 23 years ago when an appraiser was asked to document two independent sources of data or to provide interior photographs to show each room. Then not to long ago some appraisal management companies started to believe that when FHA asked for two photos to show an oblique view, they actually meant the appraiser had to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Federal Housing Administration

How should you handle an angry borrower at a re-inspection 0

How to Handle an Angry Borrower at a Re-inspection

Angry borrower… please don’t shoot! We’ve all been there. We do an appraisal inspection and find health and safety issues that must be mentioned in the appraisal. A few weeks later, we receive an engagement letter requesting a re-inspection. The appointment is set and the borrowers confirm that all repairs have been made to a satisfactory level. The appointed time arrives and you drive to the property in question. Before you even get out of your vehicle, you can tell that the health and safety issues have been minimally addressed but certainly not to the level that would allow for...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / The US Department of Veterans Affairs

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Free Webinar on How to Review an FHA Appraisal

On September 11, 2013, the Federal Housing Administration (FHA) is offering a 90-minute webinar on How to Review an FHA Appraisal using the FNMA 1004, and how to review appraisals on more difficult property types; e.g., manufactured homes, 2 to 4 Units, Condominiums, and New Construction. How to spot potential fraud, the condominium approval process, and the common appraisal deficiencies will be covered. This webinar is designed for appraisers, underwriters, loan officers, processors, brokers, agents, any interested parties, and any individuals new to FHA. Registration is required. No Fee. Please hold on to the e-mail you receive after you register,...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

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Free Webinar on FHA Appraisal Requirements – Property Type

On August 28, 2013, the Federal Housing Administration (FHA) is offering a 90-minute webinar on FHA Appraisal Requirements. Webinar will cover: The lenders and appraisers responsibilities as it relates to FHA guidelines The marketability and value of the property and information about “For Your Protection Get a Home Inspection” Minimum Property Requirements Minimum Property Standards Appraisal Protocol This webinar is designed for appraisers, underwriters, loan officers, processors, brokers, agents, any interested parties, and any individuals new to FHA. Registration is required. Please hold on to the e-mail you receive after you register, you will need it to access the webinar....

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

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Free Webinar on How to Review an FHA Appraisal

On May 29, 2013, the Federal Housing Administration (FHA) is offering a 90-minute webinar on How to Review an FHA Appraisal using the FNMA 1004, and how to review appraisals on more difficult property types; e.g., manufactured homes, 2 to 4 Units, Condominiums, and New Construction. How to spot potential fraud, the condominium approval process, and the common appraisal deficiencies

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

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Free Webinar on FHA Appraisal Requirements

On May 22, 2013, the Federal Housing Administration (FHA) is offering a 90-minute webinar on FHA Appraisal Requirements. Webinar will cover: Lenders and appraisers responsibilities as it relates to FHA guideline Marketability and value of the property and information about “For your Protection Get a Home Inspection” Minimum Property Requirements

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

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