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Old 01-06-2009, 04:42 PM
schavez33 schavez33 is offline
 
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Default Does this agreement affect FHA orders?

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.
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Old 01-06-2009, 05:02 PM
Restrain Restrain is offline
 
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This was an agreement between Fannie/Freddie and Cuomo. I don't think FHA has agreed to this. Doesn't mean they won't.
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Old 01-06-2009, 05:09 PM
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PropertyEconomics PropertyEconomics is offline
 
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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.
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Old 01-07-2009, 08:05 AM
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Don Clark Don Clark is offline
 
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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.
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Old 01-07-2009, 10:36 AM
moh malekpour moh malekpour is offline
 
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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.
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Old 01-07-2009, 10:51 AM
ghrousseau ghrousseau is offline
 
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Quote:
Originally Posted by schavez33 View Post
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.
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.
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Old 01-07-2009, 12:17 PM
schavez33 schavez33 is offline
 
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Can mortgage brokers still order the appraisal from us directly is what Im asking?
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Old 01-07-2009, 12:21 PM
leelansford leelansford is offline
 
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Quote:
Originally Posted by schavez33 View Post
Can mortgage brokers still order the appraisal from us directly is what Im asking?
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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