FHA Reconsideration of Value

[Doug Meyer]

No, the AMC contacted HUD and that was their response to the AMC. So far the AMC or lender or underwriter has provider me with any additional comparables.

 

[hastalavista]

No, the AMC contacted HUD and that was their response to the AMC. So far the AMC or lender or underwriter has provider me with any additional comparables.

I thought all value issues communication issues were to be between the appraiser and the DEU?

Am I wrong?

 

[CANative]

I thought all value issues communication issues were to be between the appraiser and the DEU?

Am I wrong?

Heh. HUD must have missed that one at the same time they issued a policy stating appraisers can't change the name on an appraisal unless they do a new appraisal with a scope of work limited to a name change.

:Eyecrazy:

 

[Doug Meyer]

Denis, that what I am trying to figure out! Is the request from the AMC not correct? If the lender is requesting this or the homeowner? No matter who request it, I need a copy of this in my work files. What is the proper channels for a homeowner to ask for a reconsideration?

 

[hastalavista]

Denis, that what I am trying to figure out! Is the request from the AMC not correct? If the lender is requesting this or the homeowner? No matter who request it, I need a copy of this in my work files. What is the proper channels for a homeowner to ask for a reconsideration?

You ask the right question. :new_smile-l:
My response to the bolded part (slightly tongue-in-cheek, but only slightly) is
"Who cares! I can only act when an issue/concern regarding value is communicated to me by the DEU!"
Like Greg says, it seems that the new changes haven't been thought through- our old friend Unintentional Consequences rears its head.

I think I would call the Appraiser Hotline and try to get something in writing. My question would be:
If there is an issue or question regarding value, or a request for reconsideration of value, must that communication only be between the appraiser and DEU or is the appraiser required to respond to any such inquiries/requests from any persons representing the client/lender?

 

[residentialguy]

This is old...from '91. not sure if it is still applicable.

2. Question 3 - If the comparables do not appear to be
acceptable, the DE underwriter should return the
appraisal to the appraiser or contact the appraiser for
an explanation. HUD expects there to be communication
between the DE underwriter and the appraiser to resolve
inconsistencies. (Generally, appraisers should not be
contacted by lender personnel other than the DE
underwriter to discuss the contents of the appraisal
report.) If the appraiser does not respond to the DE
underwriter's requests for clarification or
explanation, the underwriter should report such
non-cooperation to the HUD Field Office for resolution.


http://www.HUD.gov/offices/adm/hudclips/letters/mortgagee/files/91-43ml.txt

 

[Doug Meyer]

Denis, I am waiting for the FHA appraiser to send me an email on this which I will share with all.

 

[Doug Meyer]

The official HUD version is:

Any value reconsiderations that should be addressed by the appraiser should only come at the direction of the DE Underwriter who has the authority to make this determination. An Appraisal management company has the responsibility of assigning the work, however doesn't have the authority to make judgements about the content of the appraisal

 

[residentialguy]

The official HUD version is:

Any value reconsiderations that should be addressed by the appraiser should only come at the direction of the DE Underwriter who has the authority to make this determination. An Appraisal management company has the responsibility of assigning the work, however doesn't have the authority to make judgements about the content of the appraisal

Sweet... there ya go

Send it to the AMC and tell them please refrain from any further contact. Any further harassment for value change will be reported to HUD.

 

[RSW]

Michael Tipton's post is the most approperate for this matter. Look at the 4150.1 Rev.1, 8-4 A-D for the proper proceedure for a reconsideration of value. You may want to send a copy of this to the AMC for them to read since it appears they don't know what they are doing.