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Arvest Memo

Discussion in 'Arkansas' started by Terrel L. Shields, Dec 9, 2009.

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  1. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    135
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Arvest sent a memo to appraisers taking secondary market assignments that are RD backed....seems they have had to reappraise a number of those where the appraiser was not FHA approved and apparently didn't realize that RD appraisals have to be completed by FHA appraisers....duh.

    Would you think it a violation of USPAP or state law to accept an RD assignment without knowing RD requires the use of FHA approved appraisers?
     
  2. Rice Brewer

    Rice Brewer Member

    0
    Dec 14, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Arkansas
  3. Sean Sutton

    Sean Sutton Member

    11
    Jun 19, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Missouri
    I got that same email...too bad Arvest doesn't send me any work! Don't you think that some resonsibilty falls on their shoulders for hiring appraiser's not on the FHA roster in the first place? I think its their fault and that there was no need for the email.....how bout' knowing that the appraiser's you hire are qualified before sending them the request?!! Just my .02.
     
  4. OSU Beavers

    OSU Beavers Elite Member

    6
    Jan 10, 2007
    Professional Status:
    Licensed Appraiser
    State:
    Oregon
    RD? Do you mean USDA? The last one I did for them was 22 months ago. Last I heard the property had to pass the standards in 4150.2 but not that you HAD to be an FHA approved appraiser.

    And that deal 22 months ago was a fricking joke! A flip that was listed way over value. I appraised it with what few comps there were which resulted in high total adjustments and a lower value. Realtor flipped his wig and got Skippy from the next county over to appraise it, right at the sales price of course. Then I get a lecture from Alan at USDA in Portland about how Skippy's appraisal is superior because he had lower total gross and net adjustments. I ask for the grid pages and sure enough, all superior comps with adjustments well below market to support the bogus value. If they are going to require FHA appraisers, then they should only allow one per deal.
     
  5. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    135
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    In june 08 i believe the memo was that Rural Development USDA appraisals had to be performed by FHA approved appraisers. I think it was a local regional rule depending upon which program you are in until then.
     
    Last edited: Dec 11, 2009
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