Another Impossible Request - From an AMC of course

[Riick]

People.. thank you for you help.
It seemed to me that the right thing to do was modify the appraisal to "as repaired", and apparently my logic was good.
Yes, I should have stood my ground in 1st place, but my call to the HOC took to wind right out of my sails.
My error now corrected, and hopefully I can finally close this file.

BTW - "passed" the repairs, and included the Certs as part of the CIR, and noted on the CIR "Refer to Underwriter" for each of the certs
-- didn't get caught taking any responsibility on those: thanks to advice from people here.
This group is a great resource ....if you can take the heat.

Marcia.. Excellent point ! Ditto everyone else.
If the order is contradictory, don't even start the job.
Frankly, I've never had such an arrogant, unprincipled, and avaricious client.
(Whew... I didn't know I owned that many adjectives.)
...and I won't have them as a client in the future.

BTW, for anyone interested: they go by the name of Land_______ .
.

 

[Marcia Langley]

Riick,

I'm glad you got it worked out.

Sticking to the playbook always makes it easier when stuff comes up. If one fudges, they risk getting squeezed.

 

[The Warrior Monk]

Marcia pretty much nailed it.

What the client requests is not enough to proceed with the assignment if there are other intended users, which in this case is the FHA. If the client requests something that is contrary to FHA guidelines, that has to be cleared up at the time of engagement, not after the report is completed.

 

[Kevin Mc]

If the client requests something that is contrary to FHA guidelines, that has to be cleared up at the time of engagement, not after the report is completed.

Dave, I take it you have not been dealing with the new batch of FHA peddling LOs and MBs. I would imagine it would take me 10 minutes to explain to one of these folks what a letter of engagement is, let alone FHA rules. "First Home Capital Equity Premiere Lending Corp.....how may I direct your call?"

 

[Riick]

Just wanted to add - as a nasty comment on AMCs, unconscionable requests, and greed.
Same lovely folks wanted a different FHA report "re-addressed" last week.

--- Aside from the fact that this is a non-starter, and that they should know better ---
Do you think the 2nd Lender was going to get the "re-addressed report" for nothing?
Double-Dipping by the AMC.

 

[Pamela Crowley (Florida)]

PLEASE report these unethical requests / requirements at www.MortgageFraudWatchList.org

If you don't fight back, it will just continue to get worse!!!!!

 

[TJSum]

Very Good Riick, glad you did not take our advice the wrong way, the end result is we are trying to look out for you and all fellow appraisers.

Anyone elses blood start to boil when they hear things like this about AMCs when they make demands that go against regs, but yet they are accountable to no one, they aren't the lender, they aren't the appraiser, they are just a middleman who mucks things up, takes no responsibility or accountabiity but yet is promoted as the "firewall" set in place to protect the Public Trust. Give me a break...

One of my other crusades is to alert appraisers on the proper procedures when calling for an inspection or certification whether it be FHA or Conventional. The reason we call for these is because we are not qualified to make a professional judgement on that particular concern. And we are not qualified to make that same professional judgement on the correction or repair of it, that is for the UW. It is our job to alert them of what we see and the UW takes it (and all the liability) from there.

 

[Mike Boyd]

FHA appraisals cannot be "as-is" if there are problems. Your original report should have provided the value as-repaired. State the requirements and when those are completed, the value will be what you should have reported.

I agree with Rufus. FHA appraising 101. What do you do now? Go back out and reinspect. Perform a new report with a new effective date. Don't even think about charging for your mistake. You Can and should charge for the compliance inspection report.

 

[Mike Boyd]

How about telling the AMC that you cannot discuss the appraisal with them as they are not the FHA approved Direct Endorsement Underwriter.

That's good, Pam. Kill 2 bird(brains) in one shot.

 

[Tudor]

If I have any FHA questions I have been emailing them. Usually get a response the next day, it is in writing and has their name. I think that is better than getting the information over the phone. Safer too.

Heard this from an LO last week. "Lead based paint? My boss told me that FHA does not care about that anymore"