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  #1  
Old 04-29-2009, 12:53 PM
Bruce Bugno Bruce Bugno is offline
 
Join Date: Jun 2002
Location: Colorado Springs, CO
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Professional Status: Certified Residential Appraiser
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Default Re-assigning FHA appraisal

Tell me if I'm wrong. Completed an FHA appraisal for Client A. They can't close loan so client A gives appraisal to borrower. I believe borrower takes appraisal in to client B. They have additional requirements and contact me to go back out to property for a final inspection. I tell them that I have to treat this as a new assignment and they can't use the appraisal that I already completed for Client A. They tell me and I quote "this is a FHA appraisal and as such is fully transferable-perhaps you need to brush up on your FHA regulations. At the borrower's request, Client A was required to transfer the case number, it follows the property, not the lender....FHA requires that the FHA case number is tied to the property for 6 months from the time it is assigned and once the appraisal is done, it too stays with the property."

I am going about this the right way by requiring them to get a new appraisal, right?
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Old 04-29-2009, 01:21 PM
leelansford leelansford is offline
 
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State: Illinois
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Your client is Client A.

You should respond to requests from Client A.

And...you don't complete another FHA appraisal for Client B; they can use the appraisal as it exists. If it has been assigned to them from Client A...see the 2nd sentence above.
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  #3  
Old 04-29-2009, 03:19 PM
Mike Boyd Mike Boyd is offline
 
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Client A is REQUIRED to assign the appraisal to client B. There is a specific process that both lenders must complete. However, client A remains your client and any changes in the report must go through them.
  #4  
Old 04-29-2009, 04:13 PM
Bruce Bugno Bruce Bugno is offline
 
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Thanks guys. Is there a Q&A or something official that addresses this situation so I can inform Client B?
  #5  
Old 04-29-2009, 04:20 PM
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CANative CANative is online now
 
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Location: Hopland, CA
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Go to the HUDclips webpage (bookmark it)

http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/

find the link for hud handbook 4000.2

See Chapter 4

The transferring lender is required to provide the new lender with the appraisal
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  #6  
Old 04-29-2009, 04:58 PM
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Michael Tipton Michael Tipton is offline
 
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Quote:
Originally Posted by Bruce Bugno View Post
Thanks guys. Is there a Q&A or something official that addresses this situation so I can inform Client B?
I have the attached saved in my documents as pdf files. E-mail to clients as needed.
Attached Files
File Type: pdf 4-2 Transfers of Case Numbers Between Lenders.pdf (135.3 KB, 176 views)
File Type: pdf FHA lender transfers.pdf (126.5 KB, 164 views)
  #7  
Old 04-30-2009, 04:28 PM
BC 2008 BC 2008 is offline
 
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Quote:
Originally Posted by Michael Tipton View Post
I have the attached saved in my documents as pdf files. E-mail to clients as needed.
After the case number transfer, can the new lender request us to do a new appraisal (new client/lender, new effective date, and new fee)? I have search the forum. Some believe that only 1 FHA appraisal for a property within 6 months. Others say we can do as many assignments as long as we keep separate workfile. Does anyone happen to know any document or source regarding the “1 appraisal per 6 months” criteria?

Thanks,
  #8  
Old 04-30-2009, 04:40 PM
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Otis Key Otis Key is offline
 
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State: New Mexico
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Quote:
Originally Posted by BC 2008 View Post
After the case number transfer, can the new lender request us to do a new appraisal (new client/lender, new effective date, and new fee)? I have search the forum. Some believe that only 1 FHA appraisal for a property within 6 months. Others say we can do as many assignments as long as we keep separate workfile. Does anyone happen to know any document or source regarding the “1 appraisal per 6 months” criteria?

Thanks,
I think you had better read posts 5 & 6 above - no wonder FHA wants to "upgrade" the quality of appraisers on the panel.
  #9  
Old 04-30-2009, 07:14 PM
BC 2008 BC 2008 is offline
 
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Quote:
Originally Posted by Otis Key View Post
I think you had better read posts 5 & 6 above - no wonder FHA wants to "upgrade" the quality of appraisers on the panel.
Ortis, I have read those posts before I post my question. However, those information only mention about lender and case number transfer. After the new lender successfully have the case number transferred, received the existing appraisal, and found out that I won't change the existing appraisal for them. They may decided to send me a new appraisal request for the same property with the same case number. I am aware that FHA may not allow a second appraisal of the same property within 6 months. If that's the case, I would like to find the related document from HUD for my record.

I am not an expert in FHA, that why's I am still taking classes and turn to this forums to learn more details regarding FHA guidelines. But your response gives me an impression that you're looking down to appraisers that are uncertain about FHA guideline's details.
Ortis, I strongly believe that even if FHA upgrade the quality requirements, it is because of appraisers that are either carelessly or fraudulently ignore their guidelines and definitely not because of appraisers that are looking forward to find out and learn about FHA guidelines to apply it accordingly.
  #10  
Old 05-01-2009, 07:19 AM
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Michael Tipton Michael Tipton is offline
 
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Visit the following link to the FHA Mortgagee Handbook 4000.2, Chapter 2. The FHA section covering the Term of Appraisal is 2-9 (see the attached pdf file).

http://www.hud.gov/offices/adm/hudcl...0002c2HSGH.pdf
Attached Files
File Type: pdf FHA Term of Appraisal.pdf (151.2 KB, 114 views)
File Type: pdf FHA Mortgagee handbook.pdf (366.4 KB, 79 views)
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