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Check Out This Out HUD Started Up Again

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Stephen J. Vertin MAI

Thread Starter
Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Illinois
From Today's Realty Times

As reported by Peter G. Miller in RealtyTimes < http://www.realtytimes.com/rtnews/rtcpages...petermiller.htm >, HUD is once again listing FHA appraisers by the number of "claims" and "defaults" involving properties they have valued. On HUD's Appraiser Claim and Default Rates page < https://entp.HUD.gov/idapp/html/appr_search.cfm >, will be found a list of those appraisers who supposedly have the highest claim and default rates. Under the HUD's Appraiser Watch Initiative, "default" means a mortgage unpaid for at least 90 days, while a "claim" means foreclosure.

Previously, in January, 2001, HUD listed appraisers and their alleged default rates online, a practice that was discontinued within weeks.

As Miller points out, although it may seem logical to have some way to measure appraisers and their services, using defaults and claims is not the way to go because appraisers have nothing to do with whether a borrower pays on-time, is late, or pays not at all.

While appraisers have always been convenient scapegoats one still must wonder why HUD would reprise this non-sensical practice. On the other hand, just to be safe maybe appraisers should start ordering credit reports on borrowers.
 

Dick Hemry GAA

Sophomore Member
Joined
Jan 18, 2002
I saw it yesterday but it appears to be gone today. At least, will not open for me now. FHA probably jerked it off line again. We're not to know who is doing the most appraisals in our respective back yards and how many claims there are. Those doing the most, largest number of appraisals, most often have the most claims.

Dick Hemry
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I got a peak at it and was interesting to see who was doing the most work. Also interesting numbers were the total numbers. Made me wonder if was worth the trouble to get approved!

But I felt sorry for the poor fellow that had done one and had one default. His rate was 100%!
 

Leon Stewart

Member
Joined
Jan 15, 2002
Since most defaults and foreclosures occur in low to moderate income communities, all a program lilke this will do is have appraisers who work these communities opt out of those type of assignments. A bad rateing could prevent lenders from assigning those Appraisers non-FHA Appraisals. So unless you are doing a large volume of FHA's it's best to reject those type of assignments to protect your other work, otherwise you could be out of business. Keep one think in mind, even if they remove the rateing list from the website they still could be maintaining it off-site. I think the Appraiser has to pick and choose what type of work they will do, and avoid work that is more trouble than it's worth, and FHA or FNMA work is no exception.

leon
 
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