FHA 3.6

[Joe Flacco]

https://www.reddit.com/r/loanoriginators/comments/1vsq8wj/fyi_for_anyone_with_fha_files_in_the_pipeline_uad

Class is saying that they are ordering the 3.6 for FHA files.

What I don't understand is what they want to notify LOs that FHA appraisals are starting to come back as 3.6. It implies that the AMC gets to choose what they want to order rather than the lender / LO.

 

[TerryRohrer]

Sounds like those ordering appraisals are working closely with loan officers making loans. So much for a firewall between lending and appraisal.

 

[CGinMN]

It’s just Class PR, anything to keep their name in the conversation, playing like they are more prepared and ahead of the game than everyone else. “Worth getting ahead of this if your AMC hasn't briefed you yet…”

In reality, how far ahead do you need to be on FHA 3.6 when there is no deadline? There are very few FHA 3.6 appraisals in existence. Lenders have to be approved by HUD to participate since they are not yet in full production, and the vast majority of lenders are still not ordering conventional 3.6 much less wanting to test FHAs. Many AMCs and portals can’t handle automated EAD submissions yet, and won’t be able to for many months.