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Title I, Titile II ?

Discussion in 'FHA/HUD and VA' started by Darrel Clark, Jun 4, 2010.

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  1. Darrel Clark

    Darrel Clark Sophomore Member

    0
    Feb 15, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Utah
    On June 2, 2010, HUD issued a letter or memorandum for all Title I Lending Institutions. In it they refer to requirements for manufactured home appraisals, stating that the appraisal must be from an FHA Title II Roster appraiser. What is does Title I and Title II refer to?
     
  2. CANative

    CANative Elite Member

    61
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Title I is MH's as chattel (in rental parks). Title II is MH's on fee simple land.
     
  3. RSW

    RSW Elite Member

    17
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    I believe Greg is correct.
     
  4. Don Clark

    Don Clark Elite Member

    3
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    That is correct. Title I use to require that an appraisal had to be completed by an appraiser trained and certified by taking a N.A.D.A. course in MHV and use their(NADA) appraisal system. I would still recommend that an appraiser take MHV training either through NADA, if available, or the AI. I believe NAIFA also has such a course as well. Tite I is personal property appraisal of a new HUID Code Manufactured home.
     
  5. Sherrie

    Sherrie Sophomore Member

    0
    Mar 9, 2007
    Professional Status:
    IT Professional-Appraisal Related
    State:
    California
    TI-481 and it's clarification letter, TI-484 makes a minor change to Section 10-5 regarding Land/Home appraisals.

    http://www.hud.gov/offices/adm/hudclips/letters/title1/index.cfm


    The basics are in TI-481; and Appendix 10 is specific to Lot Loans and Combination Loans.

    Here is TI-481, Appendix 8, Section 8-9, C & C1:

    C. Appraisal. A lender shall obtain a HUD-approved appraisal of the manufactured home as soon after repossession as possible, or earlier with the permission of the borrower. The appraisal shall be performed on the home site unless the site owner requires that the home be removed before the appraisal can be performed. The appraisal should reflect the retail value of comparable manufactured homes in similar condition and in the same geographic area where the repossession occurred. The appraised value is part of the calculation of the insurance claim payment.

    1. Appraiser Qualifications and Fees. A lender must use an independent fee appraiser who has been certified by the National Automotive Dealers Association (NADA) to use NADA’s National Appraisal System. The appraiser must provide the lender with evidence that he/she is NADA certified. Appraisal services may be obtained from an appraisal company, as long as the individual appraiser is NADA certified, personally inspects the manufactured home, and signs the appraisal. The appraiser may not be engaged in the business of manufactured home retail sales.

    In cases where a lender is unable to locate a NADA certified appraiser within a reasonable traveling distance from the subject property, the lender may select a certified appraiser from the roster of appraisers who have been approved by HUD to perform appraisals for the FHA Title II mortgage program. The FHA appraiser selected must certify that they have experience appraising manufactured homes and determining their value. The lender’s file must indicate that a full and complete search for a NADA trained appraiser was conducted prior to deciding on this option.

    Fees for manufactured home appraisals are negotiated between the lender and appraiser, and are not subject to a maximum limit.
     
  6. CANative

    CANative Elite Member

    61
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    :icon_idea:

    I'm NADA certified (in case anyone needing one of these puppies is reading this.)
     
  7. JSmith43

    JSmith43 Elite Member

    10
    May 5, 2003
    Professional Status:
    Certified General Appraiser
    State:
    California
    I can estimate what your used car is worth on the NADA internet site. All I need for geo-competency is to enter the correct zip code:shrug:

    Well, if the car is driven in MPLS winters, I'd factor in corrosion. Maybe when that oil wraps around Florida, people will be able to ride bikes on the beach without the rims rusting out.......You know what? That's not really very funny. Those white sand beaches are/were beautiful.
     
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