FHA requirements - Appraisers Blogs

Uncovering Flaws in FHA Appraisal & Loan Review Process

AppraisersBlogs — Mon, 15 Jul 2024 12:30:32 +0000

The story of this single mother’s harrowing experience with a defective home purchase and HUD’s negligent oversight exposes deep flaws in the FHA appraisal and loan review process. After sacrificing for years to rebuild her credit and earn the right to become a homeowner, this borrower found her dream home in the country – or so she thought. During the home inspection, several issues were flagged. The seller, an investor who had purchased the home in an estate sale, was unaware of the septic system’s location. The seller agreed to have the tanks pumped so the location could be determined....

AMC Reviews of Appraisals Only the lender's Underwriter should be able to request changes to the report and the lender should be the one…
Scope Creep & the Imploding of Rules ...the imploding rules then implemented, and the scope creep that evolved because the cart was leading the horse, has severely…
The Appraisal Problem Gone are the days of hiring a professional appraiser to solve the appraisal problem. For decades lenders have taken on…

The post Uncovering Flaws in FHA Appraisal & Loan Review Process appeared on Appraisers Blogs.

AMCs Have Failed

Guest Author — Mon, 19 Feb 2018 13:30:57 +0000

…it will be the appraisal management companies that are going to be held to the fire, not the appraiser… In the spring of 2002 my wife and I bought our third house; an older cape cod in a great school system where our son would start kindergarten in the fall and his sister the year after. This house literally was 1970 inside. It had deep red shag carpet in the family room and sculptured avocado green carpet upstairs. Not to worry, it blended well with the sunshine yellow stove, bright orange counter top and turquoise and pink bathrooms. After 3...

The Reality There is no shortage of appraisers, only appraisers willing to work for Appraisal Management Companies, but there will be a…
Lie - Ability Tax payers should not be LIE-ABLE for the actions of greedy bad players! Michael Simmons, Principal and founding Director of…
Enough Already, Nobody is Listening AMC technology is not about efficiency of the appraisal process... I am very tired of reading all the articles from…

The post AMCs Have Failed appeared on Appraisers Blogs.

I Must Apologize; I Got it Wrong…

Guest Author — Wed, 19 Apr 2017 12:30:27 +0000

Your employees did not come from Taco Bell, they delivered your pizza! In a recent New York Times article by Julie Creswell on 01/21/2017, former executives of Quicken Loans confirm “many employees come in with little or no background in financial services. One employee joined after delivering pizzas to the Quicken Loans Offices”. No need to say anymore, that statement speaks volumes. The article titled “Quicken Loans, the New Mortgage Machine” is a tell all article, right down to the founder and Chairman Dan Gilbert’s physical altercation on a former colleague at a religious function, to his public tirade against LeBron James,...

Consumers Overcharged by AMCs Excessive markups are common but consumers usually “know nothing about it”... The Chicago Tribune has published an article written by…
AMCs Are Not Part of The Appraisal Profession Foreign entities do not get a voice in what legislation is introduced... Let's think about this with an open mind...…
Details of the New AMC Law No paid lobbyist, just appraisers talking with the Senators and Delegates about the abuses of some AMCs... Governor McAuliffe signed…

The post I Must Apologize; I Got it Wrong… appeared on Appraisers Blogs.

Transfer of FHA Appraisals

Dave Towne — Wed, 27 Jul 2016 12:30:08 +0000

FHA Case Transfer FHA Appraisers, The document below was issued yesterday by HUD FHA. Sometimes clients will ask appraisers to ‘put the report into the new lender’s name’ if the lender changes within the allowed time frame for a current appraisal. With FHA, the Case Number and the existing report STAYS WITH THE PROPERTY ADDRESS. The appraiser does not have to re-do a FHA report when the lender changes, per this in the document below: Working with Case Transfers Mortgagees should note the following about case transfers relative to appraisal reports in both the EAD portal and FHAC: If, prior...

FHA Appraisers - Important Reporting Items Important FHA Reporting Items FHA Appraisers, The new HUD/FHA 4000.1 manual, in reality a very large BOOK, is said (by…
Survey about FHA Assignments Tell them what it will take to get you to re-start FHA assignments. FHA Appraisers, A new 'attitude' survey about…
Legal Hotline Advice Concerning FHA Inspections Advice from the Virginia Association of Realtors Legal Hotline Mack Strickland, a dedicated founding member of VaCAP, recently contacted the…

The post Transfer of FHA Appraisals appeared on Appraisers Blogs.

Requests from Lenders with Specific Statements

VaCAP Board — Wed, 04 May 2016 12:30:25 +0000

Lenders’ Requests, C&R Fees, Email Blasts, SOW, Unlicensed AMCs and more… What is the best way to ensure you receive a customary and reasonable fee for an appraisal? Answer: Only accept assignments with a customary and reasonable fee! That being said, here is a reminder of a USPAP requirement to consider before you respond to that email or text blast…. Scope of Work Rule Identify the problem to be solved. Determine and perform the scope of work necessary to develop credible assignment results. Disclose the scope of work in the report. Comment: Scope of work includes, but is not limited...

The New & Improved Fannie Mae “FRAUDULATOR 2.0” Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie…
The Great Debate on Appraisal Fees She included several different fee split examples indicating AMCs retained as much as 70 percent of the total appraisal fee…
Uncovering Flaws in FHA Appraisal & Loan Review Process The story of this single mother's harrowing experience with a defective home purchase and HUD's negligent oversight exposes deep flaws…

The post Requests from Lenders with Specific Statements appeared on Appraisers Blogs.

Claims, Complaints and E&O Insurance

David Brauner — Thu, 15 Oct 2015 12:30:04 +0000

E&O vs. General Liability First some background. Errors & Omissions (E&O) is malpractice insurance for mistakes in your report- say you measure square footage incorrectly. General Liability (GL) covers property damage and bodily injury while you’re at the premises and more. Examples of GL claims are, if during a walkthrough you knock over and break a vase (property damage), or back over and injure a homeowner as you exit the driveway (bodily injury). Business Owners Packages (BOPs) typically go beyond the job site, providing coverage for losses to your own business, such as a trip and fall at your office,...

Help I Got a Subpoena! If you are in business long enough, you will get subpoenaed by someone involved in a dispute that may not…
Protect Yourself with a Limitation of Liability Clause Set Your Limits and Protect Yourself with a Limitation of Liability Clause In a recent case on the West Coast,…
"Fake" Appraiser E&O Insurance and Shady Things from… Outright Fake E&O For many appraisers and also some AMCs (appraisal management companies), the only reason they purchase professional liability…

The post Claims, Complaints and E&O Insurance appeared on Appraisers Blogs.

FHA Appraisers – Important Reporting Items

Dave Towne — Fri, 18 Sep 2015 12:30:48 +0000

Important FHA Reporting Items FHA Appraisers, The new HUD/FHA 4000.1 manual, in reality a very large BOOK, is said (by FHA) to have everything in it we need to know, and comply with when doing FHA appraisal reports. We’ve all been amped up about the FHA 4000.1 Handbook changes. It DOES NOT have everything you need to comply with. FHA has a second BOOK – The Single Family Housing Appraisal Report and Delivery Guide. On page 117, it details how FHA wants prior sales reported for the subject and for COMPARABLES. It is a change to their current procedure –...

HUD's Use of Convicted Felons to Ramp Up… It wants to bootstrap released felons by allowing them to work as so-called “fair-housing testers” for the many nonprofits HUD…
USPAP’s Typical Buyer Standard in the Fair Housing Era The Irreconcilable Conflict Between USPAP's Typical Buyer Standard and the Current Fair Housing Compliance Regime. Retain this document as a…
Fannie Mae Filed a Complaint Against Me An appraiser shared the following with us which was posted on one of the appraisers’ groups. Fannie Mae filed a…

The post FHA Appraisers – Important Reporting Items appeared on Appraisers Blogs.

FHA Appraiser & Property Requirements Webinar

AppraisersBlogs — Fri, 11 Sep 2015 12:30:13 +0000

Free FHA webinar for appraisers on the FHA Appraiser Roster, the appraiser and appraisal-related policy changes contained in the Single Family Housing Policy Handbook (SF Handbook; HUD Handbook 4000.1) impact how to perform and complete an appraisal for an FHA-insured property. Attend this webinar for an overview of these changes, centered on the core concepts of “Observe, Analyze, and Report”. During this webinar session, FHA subject matter experts will provide an overview of the structure, format, and changes contained in the SF Handbook’s Appraiser and Property Requirements section, effective for case numbers assigned on or after September 14, 2015. Additionally,...

Uncovering Flaws in FHA Appraisal & Loan Review Process The story of this single mother's harrowing experience with a defective home purchase and HUD's negligent oversight exposes deep flaws…
HUD Investigation Leads to Illegal Break-In &… Over the past four years, I have been subjected to a relentless, unjust investigation by the U.S. Department of Housing…
TEAPOTS Exposed: The PAVE Initiative’s Illusion of Justice The PAVE Initiative's lack of TEAPOTS case entries reveals a fraudulent scheme that betrayed homeowners, vilified appraisers, and hid the…

The post FHA Appraiser & Property Requirements Webinar appeared on Appraisers Blogs.

FHA Requirements vs USPAP

Guest Author — Mon, 10 Aug 2015 12:30:48 +0000

FHA Requirements vs USPAP – Appraisers Caught in Catch 22 Excerpt The new FHA Handbook will become effective on September 14, 2015. There has been much discussion of the implications of changing “should” to “must” in thousands of examples in the Handbook. As a Board member of the Arizona Association of Real Estate Appraisers as well as being on the FHA Roster, I have taken a good hard look at these requirements and then, it hit me as I was teaching the Uniform Standards of Professional Appraisal Practice (USPAP) which is the basis of appraisal standards for every appraiser in...

The New & Improved Fannie Mae “FRAUDULATOR 2.0” Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie…
Diatribes Against Appraisers What’s even more frustrating to me is none of the well-known appraiser organizations have offered any public rebuttal to any…
Uncovering Flaws in FHA Appraisal & Loan Review Process The story of this single mother's harrowing experience with a defective home purchase and HUD's negligent oversight exposes deep flaws…

The post FHA Requirements vs USPAP appeared on Appraisers Blogs.

FHA Appraisers Increased Liability with New Requirements

Guest Author — Tue, 26 May 2015 12:30:46 +0000

FHA Appraisers Increased Liability & Responsibility with New FHA Requirements Excerpt New FHA Requirements Put More Responsibility and More Liability on FHA Appraisers After reviewing the new HUD handbook, my overall conclusion is that there were not many changes to the overall requirements other than the word MUST. The prior handbook was a list of items that should be completed and verified whereas the updated HUD handbook clearly states that the properties MUST meet these items and the appraiser MUST verify the items in question. The following is a list of FHA requirements that MUST be completed and verified by the appraiser....

TEAPOTS Exposed: The PAVE Initiative’s Illusion of Justice The PAVE Initiative's lack of TEAPOTS case entries reveals a fraudulent scheme that betrayed homeowners, vilified appraisers, and hid the…
Is the GSE's "Appraisal Modernization" Really Just… Mass Appraisal tend to exhibit a regressive nature... In the intricate landscape of real estate mortgage financing, the notion of…
DEAR HUD… What’s Your End Game? Dear HUD, recently, within the past year or so, you have been on a crusade to prove discrimination and racism…

The post FHA Appraisers Increased Liability with New Requirements appeared on Appraisers Blogs.

FHA requirements - Appraisers Blogs

Uncovering Flaws in FHA Appraisal & Loan Review Process

Related Posts:

AMCs Have Failed

Related Posts:

I Must Apologize; I Got it Wrong…

Related Posts:

Transfer of FHA Appraisals

Related Posts:

Requests from Lenders with Specific Statements

Related Posts:

Claims, Complaints and E&O Insurance

Related Posts:

FHA Appraisers – Important Reporting Items

Related Posts:

FHA Appraiser & Property Requirements Webinar

Related Posts:

FHA Requirements vs USPAP

Related Posts:

FHA Appraisers Increased Liability with New Requirements

Related Posts: