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FHA Comp Checks Is this Normal

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appraiseit

Thread Starter
Freshman Member
Joined
Feb 20, 2002
Professional Status
Certified General Appraiser
State
North Carolina
Just recived my very first request to perform and FHA assignment. Just one hitch though the broker needed to known if we were close before he would order. When I said i dont do comp checks he seemed bewildered. Oh well . Is this the norm for FHA. If so I'll have no part of it.
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
appraiaseit,

The type of client that asks for comp checks are now making wide use of FHA. When you are dealing directly with a bank they don't do that. It's not a function of being FHA, it is the type of client you are dealing with.
 

Doug Meyer

Senior Member
Joined
Sep 13, 2003
Professional Status
Certified Residential Appraiser
State
Indiana
Of course these brokers are always "bewildered" by someones refusal to do comp checks. We do not do comp checks and definitely do not do them for FHA. Tell them to order the appraisal and quit monkeying with your time.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Considering that many MBS have hailed FHA "the new Subprime".....

the same band using the exact same methods plays louder.......

p.s. as stated many times during the past two years.........

many of those same players use exactly the same methods on Prime loans as well.

With a G.C. - seek your fortunes elsewhere.
 

appraiseit

Thread Starter
Freshman Member
Joined
Feb 20, 2002
Professional Status
Certified General Appraiser
State
North Carolina
Doug thats sort of what I told him. However he still didn't understand even when I tried to explain. Told him I would be happy to perform the appriasal. COD of Course. I am still waiting fo the fax to ring or and email order. Now I know why I havent taken an approasial assignment from a mortgage broker in over 2 years.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
I am still waiting fo the fax to ring or and email order.


Wouldn't hold your breath too long.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Report the address and the MB, including that it was for FHA, at www.MortgageFraudWatchList.org
 

appraiseit

Thread Starter
Freshman Member
Joined
Feb 20, 2002
Professional Status
Certified General Appraiser
State
North Carolina
Would love to report the address, However never got that far. Maybe they are getting smarter. HAHA.
 
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