Comp Checks and FHA, where to send

[CANative]

I hope I didn't post anything that offended you Brad. I was just trying to get a better understanding in order to improve myself. And I hope you don't stay away from the forum. Anytime I see a post with your name in it, it is always the first one I click on to read.

 

[Bama Bayou]

Many over the years have. And, I am going the way of my friend, Brad Ellis - out of here. I've been coming to this forum (different versions) since 1998 or 1999? The unproffesional tone in this forum and personal attacks have grown to unacceptable levels and will not be tolerated.

Good luck, to all you FHA "experts".

Brad, I don't blame you or Brad Ellis one bit. I come here looking for solutions or possibly provide them, then often get personal attacks, usually from people with of 5000 posts or more.

While I have found this forum usefull at times, I have also found many of the "expert" posts to be complete BS.

 

[timd354]

You seem to have missed the point of the story by NPR.

The chart does tell most of what you need to know. It shows that initially allowing non-profits to provided down payments only slightly increased the risk of default, but as abusive programs came into being the default rate soared. Hence the effort by FHA to shut them down that is the subject of the NPR story. Unfortunately that effort is being blocked by congress. (The data in the chart is before the relaxing of appraiser standards, so it would indeed be interesting to see the later data. )

I don't think that I missed the point of the story at all....in any case if you look at the chart, the risk of default for loans using Nehemiah type programs appears to be almost double the overall default rate from the beginning...see the attachment from the FHA which shows the enormous default rates for these programs.

As far as Congress is concerned, there is an effort by some to prevent the FHA from implemeting new rules regarding downpayment assistance programs. Thus far,however, Congress has not succeeded in passing legislation which would block the FHA from going ahead with the new proposed rules.

See the attached chart from HUD, which shows the appalling default rates for loans with non-profit provided downpayment assistance, which are consistently 1.75 to 2.4 times the default rates of loans where the downpayment came from the borrowers.

 

[Pamela Crowley (Florida)]

It would be a great loss to this forum to not have Brad Pack ever post here again! Out of ALL I have had the privilege to deal with over potential fraud issues, Brad Pack has ALWAYS proven to be the fee appraiser's best friend in FHA. I have tremendous respect for Brad Pack!

The www.MortgageFraudWatchList.org is the one and only place I know of where reporting an incident one time will get to multiple agencies and be part of the records we must have to prove what has and IS happening. Please use it. I would not like to see Brad's office and his staff become overwhelmed with our reports of applied pressures.

Brad Pack is most definitely one of the good guys!!!!!

 

[Mr Rex]

I personally hope neither Brad Pack nor Brad Ellis stays away, as both their inputs are appreciated, and add the benefit of experience from the other side of the fence from the day to day fee appraisers. Its too bad that all of the negative energy folks have towards FHA and IM were directed at the Brads, as neither one is the entity that they work for and as usual have limited control over the way their employers operate. I do fully beleive that both guys listen and consider our concerns and pass it on as best they can in their respective roles.

Bring back the Brads.

 

[Bama Bayou]

It would be a great loss to this forum to not have Brad Pack ever post here again! Out of ALL I have had the privilege to deal with over potential fraud issues, Brad Pack has ALWAYS proven to be the fee appraiser's best friend in FHA. I have tremendous respect for Brad Pack!

The www.MortgageFraudWatchList.org is the one and only place I know of where reporting an incident one time will get to multiple agencies and be part of the records we must have to prove what has and IS happening. Please use it. I would not like to see Brad's office and his staff become overwhelmed with our reports of applied pressures.

Brad Pack is most definitely one of the good guys!!!!!

I couldn't agree more. We need more Brads on this forum, not less.

 

[timd354]

Many over the years have. And, I am going the way of my friend, Brad Ellis - out of here. I've been coming to this forum (different versions) since 1998 or 1999? The unproffesional tone in this forum and personal attacks have grown to unacceptable levels and will not be tolerated.

Good luck, to all you FHA "experts".

Brad,

If you believe that my pointing out in another thread that you apparently purposely misrepresented what I said in my posts (see post # 22 in the following thread: http://appraisersforum.com/showthread.php?t=141166&page=3 )
because I dared to criticize your agency for doing away with the testing requirements as part of the appraiser application process for the FHA appraisers panel, is a personal attack then I am guilty as charged. If taking exception to your statement that I am someone "who hide(s) behind an alias in order to ridicule something/someone/some agency they know nothing about." just because I had the temerity to criticize some policies of the FHA is a personal attack, then again, I am guilty as charged.

It is a shame that people on this forum apparently cannot express any concerns or make any criticisms of the FHA without it being viewed as a personal attack.

The fact is that the FHA has recently told Congress that its loan guaranty fund may require a $1.4 billion subsidy next year due to higher than expected loan losses....this would be the first time in the over 50 years this program would require a subsidy from the taxpayers. Considering the deteriorating condtion of the real estate market and the increasing number of FHA loans in default, it seems very likely that much larger subsidies will be required in the future. But, I guess the taxpayers should just shut up and cough up the money without expressing their concerns regarding the current practices of the FHA, which, apparently are not sufficient to keep the guaranty fund solvent....but, then again, what do I know since I am just "one of those individuals who hide behind an alias in order to ridicule something/someone/some agency they know nothing about."

 

[Offshore]

I too am smarter than the rest of you and unappreciated. I'm leaving as well.

 

[David S. Roberson]

You are not allowed to discuss value with ANYONE involved in a FHA loan, unless it is the underwriter and they are seeking clarification AFTER you have performed the appraisal.

Josh

I need to find the specific instruction about this to send to a mortgage broker. Anyone know the reference?

 

[Kevin Mc]

I'm too am smarter than the rest of you and unappreciated. I'm leaving as well.

I see you posted on another thread after this post. Well, are you leaving or what?.....