Comp Checks and FHA, where to send

[Offshore]

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

Yes, but that was on a topic in which I’m far more conversant than the rest of you and I felt compelled to make an exception.

 

[Kevin Mc]

Yes, but that was on a topic in which I’m far more conversant than the rest of you and I felt compelled to make an exception.

Understood and thank you for the exception:icon_mrgreen:

 

[David S. Roberson]

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

Nobody knows?????

 

[ZZGAMAZZ]

To consider a comp check followed by an appraisal of the same property as inappropriate is pure hogwash.

If I choose to conduct a comp check, accept an assignment, complete the appraisal to-the-dollar-as-anticipated, and my appraisal methodology or my opinion of value subsequently is usurped by DEU or a review appraisal, I won't get invited back to the next dance regardless of whether I'm willing to to conduct thousands of free comp checks for the client.

Comp checks and the related appraisals are of no value in the market if the appraisals are faulty. Comp checks might be prohibited by USPAP, but it's USPAP that should change rather than my business decisions.

[Caveat: Comments slightly tongue-in-cheek but let's get real. Comp checks are looked upon like hate crimes, with the penalty more severe for "thought" rather than "deed."]

 

[Proactive]

Incorrect email address

bobbie. l . borland @ HUD . gov(remove the spaces)

If you need to call her for any questions:

714-796-1200 X 3453

Josh, thanks for posting this information. I must be the only one who has sent Bobbi anything by email so far, because my email to her bounced back. The phone number you posted is correct and I did speak with her.

Bobbi's correct email address is bobbi. l .borland @ HUD . gov (remove the spaces). There is no "e" in Bobbi. If you can change your original post to reflect this, it may save someone else (and Bobbi) a little trouble.

I sent Bobbi a real "suspicious activity" case as well as reported it to MFWL this morning. Hopefully the powers-that-be are paying attention on this one.

It's got 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 (recently FHA approved?)...

Oh… and it’s an INDYMAC deal.

Go figure.

 

[RSW]

Josh, thanks for posting this information. I must be the only one who has sent Bobbi anything by email so far, because my email to her bounced back. The phone number you posted is correct and I did speak with her.

Bobbi's correct email address is bobbi. l .borland @ HUD . gov (remove the spaces). There is no "e" in Bobbi. If you can change your original post to reflect this, it may save someone else (and Bobbi) a little trouble.

I sent Bobbi a real "suspicious activity" case as well as reported it to MFWL this morning. Hopefully the powers-that-be are paying attention on this one.

It's got 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 (recently FHA approved?)...

Oh… and it’s an INDYMAC deal.

Go figure.

Wow!..................

 

[Kevin Mc]

To consider a comp check followed by an appraisal of the same property as inappropriate is pure hogwash.

You must be very popular.

Comp checks might be prohibited by USPAP, but it's USPAP that should change rather than my business decisions.

Can you please reference the section of USPAP that forbids comp checks?

Comp checks are looked upon like hate crimes, with the penalty more severe for "thought" rather than "deed."]

I don't know anyone who has been punished for doing comp checks. I know many that have wasted countless hours attempting to satisfy the needs of unscrupulous MBs, AMCs and other assorted scumbags. If you choose to be one of them that is your business decision. Good luck.

 

[Offshore]

You must be very popular.

I was thinking the same thing. I'll bet half the MBs in Orange County have him on speed dial. :new_smile-l:

 

[Fred]

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

I hope your endorsement is enough. The good versus the evil black helicopter people culture is very deeply entrenched.

 

[Pamela Crowley (Florida)]

I hope so too, Steven. Many of those in the corporate and government jobs that are trying so very hard to get things right and get the powers that be to make things right already have much stacked against them. I no longer endorse anybody easily.