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Old 06-04-2010, 10:35 AM
Darrel Clark Darrel Clark is offline
 
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Default Title I, Titile II ?

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?
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Old 06-04-2010, 10:54 AM
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CANative CANative is offline
 
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Title I is MH's as chattel (in rental parks). Title II is MH's on fee simple land.
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Old 06-04-2010, 11:26 AM
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I believe Greg is correct.
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Old 06-04-2010, 12:33 PM
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Quote:
Originally Posted by RSW View Post
I believe Greg is correct.
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.
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Old 06-04-2010, 03:23 PM
Sherrie Sherrie is offline
 
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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/hudcl...tle1/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.
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Old 06-04-2010, 03:59 PM
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Quote:
Fees for manufactured home appraisals are negotiated between the lender and appraiser, and are not subject to a maximum limit.


I'm NADA certified (in case anyone needing one of these puppies is reading this.)
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Old 06-04-2010, 10:41 PM
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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

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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