Am I Being Stubborn On Hoa Name Vs.neighborhood Name?

[BarrySW1963]

Weigh in, please.

FNMA 1004 pg 1 field for Neighborhood Name: form instructions for UAD compliance leave it to the appraiser's discretion (either the formal name, or how it is locally called).

AMC wants it changed, per the lender, "to match title", in this case, to reflect the HOA name which is completely different from the actual neighborhood name. It's in an area where one HOA covers multiple neighborhoods, each with a distinct name. Report was properly prepared. In any instance, it's the appraiser's call, not the lender's call for the contents of this field as even a colloquial name would be acceptable to FNMA. The assignment conditions to not specify the handling of this field.

AMC refuses to pull back the revision request, as they are of the opinion that if the lender wants it changed, then the appraiser must comply.

I am of the opinion that the field should stay as it was originally reported, as the entered name is the actual name of the neighborhood, but the request could be documented in an addendum. I just don't want to do it for free.

I want to know how you would handle this. Do you routinely put the HOA name in that field? Do you ever have an instance where the HOA name and the neighborhood name aren't similar to each other? Would you put up and shut up and do the change for free? Would you charge? How much? I think $25 is the minimum, as it takes at least 30 minutes to process the request, with most of the time being the veeeery slow upload to the AMC's portal.

 

[CigarDad]

I have always put the HOA name that my property is located in for the neighborhood name. I then discuss the greater neighborhood in my text addendum.

 

[J Grant]

I used to put the neighborhood name as it is known and what signs say, then got a few requests as you have and out of exhaustion, make it match the legal description even if that is not the name the neighborhood goes by. Can explain the difference more verbiage to write .

 

[Howard Klahr]

It's in an area where one HOA covers multiple neighborhoods, each with a distinct name.

You are confusing the terms of development or subdivision with that of neighborhood. It is very unlikely that an HOA covers multiple neighborhoods. The HOA more likely encompasses several developments or subdivisions.

 

[CANative]

IMO if the various neighborhoods within the greater HOA universe don't compete with each other then I would stick to my guns. If they're all reasonably competitive and your comp selection extends to the various named sections then it doesn't really matter so I would just make the client happy and their title issue easier to deal with. Just explain (in detail).

 

[Joe Flacco]

Defining the neighborhood is the appraisers job. They have no business telling you what the neighborhood is.

 

[bnmappraisal]

I have some larger developments in my market area, and as JG states

I used to put the neighborhood name as it is known and what signs say, then got a few requests as you have and out of exhaustion, make it match the legal description even if that is not the name the neighborhood goes by. Can explain the difference more verbiage to write .

I generally just match the legal and then (maybe/sometimes) add a quick comment of any difference in "name" FTR, I don't always even do that as generally there's no need b/c the market more often recognizes the Development/Sub overall name and not the individual neighborhood within the larger sub.
i.e. the market generally knows the sub as ABC Development/Subdivision and only "some" of those living in there care about whether they're in the DEF Neighborhood vs JKL Neighborhood, but the market (generally) only cares that the subject is located in ABC Development/Subdivision.

 

[hastalavista]

Name both: the HOA name ("Montevino") and the neighborhood ("West Dublin Hills").
There- everyone is satisfied.

 

[bnmappraisal]

Name both: the HOA name ("Montevino") and the neighborhood ("West Dublin Hills").
There- everyone is satisfied.

Damn, Denis, that was too easy!

 

[Joe Flacco]

I once had a lender that insisted that the defined neighborhood in the report match the HOA name. They were not okay with both the neighborhood name and HOA name in the box.