Basic HUD Questions

[timd354]

You gotta love it, the FHA approving people who have absolutely no clue on how to do a FHA appraisal......it begs the questions of why does the FHA even bother with the approval process...what's the point?...they might as well just say that any state licensed or certified appraiser can do FHA appraisals.

 

[Mike Boyd]

You gotta love it, the FHA approving people who have absolutely no clue on how to do a FHA appraisal......it begs the questions of why does the FHA even bother with the approval process...what's the point?...they might as well just say that any state licensed or certified appraiser can do FHA appraisals.

Basically, that is what they have done with eliminating the testing.

 

[esturni]

That is exactly it.... you give your license #, and if you are in good standing in your state, you're approved

 

[RSW]

How many of you guys remember when they made us take that stupid test in the last 90's? It was a 50 question test that was mainly common sence. I think anyone could have passed that test.

 

[esturni]

Thanks ingognito... this is confusing at first. Do you know why they got rid of that VC form? It seems like it would be easier with it than without.

 

[incognito]

Eric, I BELIEVE FHA was trying to make an effort to make FHA financing more available to the purchasing public. In the "VC" days, many things, including some which would be considered cosmetic, required repair, but no longer do. Mortgagee Letter 2005-ML-48 kind of spells out what used to be, and what is today.

The one thing that is perfectly clear is that NOTHING FHA is perfectly clear. Like others have said, becoming intimately familiar with 4150-D, 2005-48, and this site is a big help, as well: http://www.HUD.gov/offices/hsg/sfh/ref/chap1.cfm

 

[Brad Pack]

You gotta love it, the FHA approving people who have absolutely no clue on how to do a FHA appraisal......it begs the questions of why does the FHA even bother with the approval process...what's the point?...they might as well just say that any state licensed or certified appraiser can do FHA appraisals.

By having the FHA Roster, HUD can remove a poor performing appraiser from said Roster (i.e. no more assignments).

 

[Brad Pack]

I just got approved, and since there is no test or anything, I am not all that knowledgeable. I just read through the Valuation Analysis for Single Family One- to Four- Unit Dwellings (all 195 pages), and I'm planning on taking a class before I actually do an FHA appraisal.
With that said:

1. It seems like an FHA Appraisal is a standard URAR with the Valuation Conditions Form (and Homebuyer Summary)? So it's really just much more detailed, extensive reporting?

2. Of the FHA appraisals that you all have done, what percentage of reports had to be done "as-repaired" subject to the satisfaction of the condition? Basically, are you usually finding
something wrong?

3. Generally speaking, how much more do you charge for these vs. standard appraisals?

Thanks for your help!

When you signed the application for roster designation you certified (in part) the following:

"(e) For appraisers, I certify that I will comply with HUD Handbook 4150.2, "Valuation Analysis for Home Mortgage Insurance for Single Family One- to Four-Unit Dwellings" (with particular emphasis on Appendix D, “Valuation Protocol”), any updates to the Handbook, Mortgagee Letters, and all other instructions and standards, in performing all appraisals on properties that will be security for HUD/FHA insured mortgages."

 

[timd354]

By having the FHA Roster, HUD can remove a poor performing appraiser from said Roster (i.e. no more assignments).

The same can be accomplished with a "Do Not Use" list.

 

[timd354]

When you signed the application for roster designation you certified (in part) the following:

"(e) For appraisers, I certify that I will comply with HUD Handbook 4150.2, "Valuation Analysis for Home Mortgage Insurance for Single Family One- to Four-Unit Dwellings" (with particular emphasis on Appendix D, “Valuation Protocol”), any updates to the Handbook, Mortgagee Letters, and all other instructions and standards, in performing all appraisals on properties that will be security for HUD/FHA insured mortgages."

Everytime I sign an FHA appraisal I am certifying (in Cert. #3) that I performed the appraisal in accordance with the requirements of USPAP. SInce USPAP requires me to comply with supplemental standards, the certification that I signed when I applied for my roster designation is superfluous.

Hey, I am all for standards, but since FHA apparently has decided that actual proof of competence is not needed in order to do FHA appraisals, then there is no need to waste everyone's time with the roster....a do not use list would accomplish the same thing.