FHA CODs

[Michael Tipton]

What's the difference?

A paid mortgage broker invoice. Submitting an appraisal report does not guarantee the out of state broker will submit the report to the funding lender or FHA.

 

[EDWARD BERRY]

we never collected at the door.

local HUD office would freeze lenders case # application if unpaid in 30 days-never lost any in 25 years.

arkie ed.

 

[Lee Lansford]

If I don't have a prior (positive) business relationship with the client, the fee is due at the time that I inspect the property. The one exception: VA appraisals.

 

[Don Clark]

If I don't have a prior (positive) business relationship with the client, the fee is due at the time that I inspect the property. The one exception: VA appraisals.

Same here Lee. Until FHA starts collecting for me I will collect at the door. I had one that took a year to collect. Filed a complaint with the state and with HUD. The state sent it to the OCC. The OCC wrote the lender and said pay or you will no longer do any FRT work. they almost broke their necks getting the check to me.

 

[CURT VAN HOOSER]

I always collect CAD...nobody has slapped my hand yet.

 

[Doug Meyer]

That is what I needed to hear. I understand some of these brokers are ordering FHA appraisals with case numbers given to you and if the value or other property issues appear, they submit to HUD a new appraiser without paying for the first assignment?

 

[Marcia Langley]

Doug,

Sadly, yes. Many MBs are scamming the appraisers who do not get cash up front and using their appraisals as a "comp check" appraisal.

The only protection from this is to not proceed without a case number and to get the cash up front.

==

The risk of not getting paid increases exponentially if one does not get the case number, gives any hints about the value opinion, or gives any hints about the outcome of meeting FHA requirements. That's not to even consider the large numbers of times the loan gets cancelled for other reasons having nothing to do with appraisals.

It truly is a comp check appraisal no different than such things have ever been except for one thing. The MB in this case has to get the appraiser to visit the property and do all the FHA stuff, and complete the appraisal before they stiff them. In other words, it is a USPAP compliant comp check appraisal.

 

[Doug Meyer]

Marsha: All out of town brokers are COD only. Lost several deals this month because I would not bill them.... We usually will not proceed unless we have a case number (no inspection).

 

[Marcia Langley]

I expected you'd be on top of that, Doug.

The thing about the case number is that you can't deliver the report without it. Some MB scammers simply never supply the number and the appraiser can never deliver the report.

 

[Doug Meyer]

I expected you'd be on top of that, Doug.

The thing about the case number is that you can't deliver the report without it. Some MB scammers simply never supply the number and the appraiser can never deliver the report.

I just do not want to waste my time if they cannot produce the needed case number immediately....Like this one broker stated on the phone to me, "FHA was their new sub prime lender".