FHA Case number

[timd354]

Does anyone know what happens when 2 appraisals are required on the same property due to loan limts? We received an order for an FHA appraisal and when we requested the actual FHA case # assignment pages, the lender sent us the pages with another appraiser's name on it. When we told them that we had to have the pages and the FHA number showing our appraiser, this is the response from the lender;

"This appraisal is the second appraisal for this file since the loan amount is over the conforming limit. Requiring second appraisals is a XXXXXX zzz Funding Corp. guideline and I can not show both appraisers on the case number. The case number need to reflect the first appraiser's information and so does the appraisal logging."

Any help would be appreciated before we go any further. Thanks!

That appears to be a legitimate request.... everything they told you about the case number is true in this case....when the loan amount is over the conforming limit and the LTV is over 90 or 95% (I forget which is the cutoff), and the subject property is in a declining market, the FHA requires a second appraisal.....but there is still only one case number and only the first appraiser's name is listed on the sheet. BTW, the second appraisal can even be an "exterior only" in some cases.

 

[BlakeAlden]

That appears to be a legitimate request.... everything they told you about the case number is true in this case....when the loan amount is over the conforming limit and the LTV is over 90 or 95% (I forget which is the cutoff), and the subject property is in a declining market, the FHA requires a second appraisal.....but there is still only one case number and only the first appraiser's name is listed on the sheet. BTW, the second appraisal can even be an "exterior only" in some cases.

Yes, the loan amount is over the conforming amount and it is in a declining area. We will therefore proceed. Thanks for your fast and helpful response!

 

[Mr Rex]

Mortgagee letter 2008-09:

http://www.HUD.gov/offices/adm/hudclips/letters/mortgagee/08-09ml.doc

 

[RSW]

Does anyone know what happens when 2 appraisals are required on the same property due to loan limts? We received an order for an FHA appraisal and when we requested the actual FHA case # assignment pages, the lender sent us the pages with another appraiser's name on it. When we told them that we had to have the pages and the FHA number showing our appraiser, this is the response from the lender;

"This appraisal is the second appraisal for this file since the loan amount is over the conforming limit. Requiring second appraisals is a XXXXXX zzz Funding Corp. guideline and I can not show both appraisers on the case number. The case number need to reflect the first appraiser's information and so does the appraisal logging."

Any help would be appreciated before we go any further. Thanks!

They are correct if it is for what they said it if for. Mortgagee letter 2008-09 gives the requirements for a second appraisal.

 

[BlakeAlden]

Thanks everyone. That was extremely helpful.