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Does this agreement affect FHA orders?

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by schavez33, Jan 6, 2009.

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  1. schavez33

    schavez33 New Member

    0
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I know this probably has been answered but does this affect FHA work? Ive been out of the loop on this whole HVCC agreement, is there anything we can do or I can do? I talked to a lot of mortgage brokers and there saying they dont know anything about this.
     
  2. Restrain

    Restrain Elite Member

    53
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    This was an agreement between Fannie/Freddie and Cuomo. I don't think FHA has agreed to this. Doesn't mean they won't.
     
  3. PropertyEconomics

    PropertyEconomics Elite Member

    1
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    Nor does it not mean that all orders for FHA will go through AMCs. IF the issue with case numbers can be solved, it makes sense a lender will use a one stop shop for all appraisal ordering.
     
  4. Don Clark

    Don Clark Elite Member

    21
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    It does not apply to VA or FHA. But as PE said, a lender is likely to use an AMC anyway. That way they can keep most of the fee and pay the appraisers who are willing conspirators, a pittance of a fee.
     
  5. moh malekpour

    moh malekpour Elite Member

    0
    May 25, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    It doesn't matter if it affects FHA, VA or other lenders or not. The fact is that it is proven all along that whatever FNM does, the rest of them follow it like sheeps. They all use FNM forms, FNM guidelines, FNM limited conditions and limitation. They don't have to but they do because they cannot make their own and stick with it. Look at FHA, they couldn't continue their VCs and went back to FNM guideline.
     
  6. ghrousseau

    ghrousseau Member

    0
    May 5, 2006
    Professional Status:
    Licensed Appraiser
    State:
    Virginia
    It does not directly affect FHA orders as FHA has it's own appraisal guidelines and a roster. The problem is, that when a company creates a new apparatus to comply with the HVCC for it's GSE products, then it is likely to use the same apparatus to order all FHA appraisals. So, yes, it does directly affect FHA appraisal assignments. Companies that currently manage the process in house and are in compliance will likely continue selecting FHA reports as they currently due. If any of your clients outsource for compliance (AMC) then they will also likely outsource for FHA.
     
  7. schavez33

    schavez33 New Member

    0
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Can mortgage brokers still order the appraisal from us directly is what Im asking?
     
  8. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    MBs can request appraisals of you, but there is some doubt whether those appraisals can be used for loans headed to the secondary market. And, you've read the opinions (above) from others regarding FHA loans.
     
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