Brad Pack. check this out

[CANative]

My thread from yesterday got pulled by a moderator and I got infractionized. I guess I said too much. So here is just the link. It's a conversation between brokers on how to use a "get around" to get a new appraisal at a higher value on an FHA purchase transaction.

http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=231727

Brad... If you don't want or can't get to the site, I have a copy of the text.

 

[Carnivore]

Greg,

The only way to stop this BS is for ALL APPRAISERS to not send in a report UNTIL they have the Case number assignment notification with THERE name listed.

That JDbanker acts like a cheat, liar and a fraud and I dont think he can be trusted. Your either exactly right that he does not know what he is talking about, or he knows absolutely what he is talking about and is spreading wrong information on purpose.

 

[timd354]

My thread from yesterday got pulled by a moderator and I got infractionized. I guess I said too much. So here is just the link. It's a conversation between brokers on how to use a "get around" to get a new appraisal at a higher value on an FHA purchase transaction.

http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=231727

Brad... If you don't want or can't get to the site, I have a copy of the text.

Everything at FHA (a/k/a the new subprinme) is just peachy keen according to Brad.

 

[Proactive]

The only way to stop this BS is for ALL APPRAISERS to not send in a report UNTIL they have the Case number assignment notification with THERE name listed.

I wish it were so. I have found that a mortgage broker can EASILY get the case number reassigned to another appraiser, AFTER the original appraisal has been submitted to the mortgage broker (but not sent in to FHA). If the original appraisal doesn't satisfy their needs, they can have the appraiser reassigned for ANY reason they want to make up (sick, busy, moved, dead, etc.). I know because it has happened to me.

I just submitted a complaint to FHA and MFWL for one that had all the usual suspects; the "case # switching, appraiser reassigning" mortgage broker, the "let's fool 'em and increase the listing price to hide the $12,000 in concessions" real estate agent, and of course, the "lovable but incompetent" second appraiser that hit the number as instructed. And it was an INDYMAC deal...

The only way to end this BS (IMHO) is for FHA appraisals to be sent DIRECTLY to FHA when completed, much like the VA eAppraisal system.

 

[AASNJ]

I'm in the same boat now....did an FHA appraisal 2 months ago and it was done "subject to repairs" due to cracked and peeling paint in multiple areas,,,pics and explanations of all areas were included in the report..Never was called back for a compliance inspection or paid for the report.

I then saw on the MLS that the property closed with FHA financing. I called & emailed the LO and his company many, many times for payment and explanation with no response. I then called HUD and gave them the case number that the LO gave me and HUD said it was assigned to another appraiser and HUD had that report which had an effective date that was 8 days after my effective date...I then went by the property and nothing was repaired...So I went into the Mortgage office to speak to the office manager about getting paid and also why the number was reassigned...He then proceeded to tell me he had to get another appraisal because mine was "subject to repairs" and he felt that being FHA lowered their standards that I was being to harsh on peeling paint,, when I mentioned thats not really how its suppose to work he then said, "well you were not on the investers approved list anyway".......I called HUD and they said to file a complaint with a copy of my appraisal with photos and they will go after the Mortgage company...HUD did not seem to agree with keep getting appraisals until they found one flexable enough to make the deal go thru. (THANKS AGAIN SKIPPY!!)

I agree with Steve H, the reports should be sent directly to HUD. Might take awhile but how else can you stop the REASSIGNMENTS with such ease.

I now will make sure that I get the FHA assignment sheet with my name and case number assigned but I still can't see how that will help if they can just reassign all day long until they get the one that works for them.

Has anyone else ever filed a complaint and heard what the outcome from HUD was? I'm not expecting much , just curious...

 

[OSU Beavers]

Just go back to rotaional selection of appraisers for FHA loans.

 

[RSW]

Just go back to rotaional selection of appraisers for FHA loans.

That's the only way this mess will be cleared up.

 

[Mountain Man]

The only way to stop this BS is for ALL APPRAISERS to not send in a report UNTIL they have the Case number assignment notification with THERE name listed.

That is actually an FHA rule... not even a verbal number!!!!!

 

[Carnivore]

M Leg,

I had no idea that they could change the appraiser that easily. So even though this is a good idea about following the rule, apparently it wont stop the crooked lender.

 

[timd354]

Greg,

The only way to stop this BS is for ALL APPRAISERS to not send in a report UNTIL they have the Case number assignment notification with THERE name listed.

Even then the lender can change the appraiser listed on the case number assingment sheet at any time up until they log the appraisal into the FHA system.....so if the lender gets an appraisal they don't want, they just toss it into the thrash and reassign the case number to their favorite skippy....they just have to say that the orginal appraiser did not complete the appraisal because he was out of town or turned down the assignment or another of an infinite number of legitimate excuses as to why the first appraiser did not do the assignment. The easiest way to fix this system is to require that all FHA appraisals performed get sent directly to FHA, where they are logged into the system to be later matched up with every loan file before FHA will guarantee a loan. When lenders and brokers get stuck with multiple FHA a/k/a new subprime loans with very high LTV's and no FHA guarantee and no investors willing to purchase the paper, except perhaps at a huge discount, that will end this type of b.s. immediately.