frozone
Sophomore Member
- Joined
- Jul 20, 2006
- Professional Status
- Certified Residential Appraiser
- State
- New York
When completing an assignment for FHA, must the assignment always be completed. Particularly in the case of an assignment having FHA repair issues, can the lender request for you to not complete the assignment? Especially since a case number has been already assigned. I was under the impression that once assigned the FHA appraisal must be completed and we are not to contact the lender with repair issues.
I am currently in such a situation where I completed an assignment and am now in process of defending myself. Lender says they dont take "subject to repairs" appraisals. It is their policy to accept ontl "as is" appraisals.
Referencing: 4150.2 1–2C Communication with Appraisers
HUD/FHA mortgage insurance is initiated when a lender selects an appraiser from the FHA Register. Once the appraiser agrees to perform the appraisal, the appraiser is in a contractual relationship with the lender. The appraiser will send the completed appraisal directly to the lender.
HUD advises the appraiser to discuss the appraisal only with the underwriter. No other individual should contact the appraiser before the appraisal has been completed. Real estate brokers and agents should consider the lender their sole source of information on the appraisal and all matters related to the appraisal.
Thanks in advance.
I am currently in such a situation where I completed an assignment and am now in process of defending myself. Lender says they dont take "subject to repairs" appraisals. It is their policy to accept ontl "as is" appraisals.
Referencing: 4150.2 1–2C Communication with Appraisers
HUD/FHA mortgage insurance is initiated when a lender selects an appraiser from the FHA Register. Once the appraiser agrees to perform the appraisal, the appraiser is in a contractual relationship with the lender. The appraiser will send the completed appraisal directly to the lender.
HUD advises the appraiser to discuss the appraisal only with the underwriter. No other individual should contact the appraiser before the appraisal has been completed. Real estate brokers and agents should consider the lender their sole source of information on the appraisal and all matters related to the appraisal.
Thanks in advance.