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FHA Fee Panel Study?

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Sam Martin

Thread Starter
Freshman Member
Joined
May 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Hi everyone!
I recall some years back a study that compared the percentage of FHA deals that closed successfully prior to the dissolution of the fee panel, and then afterward. The conclusion: roughly (as I recall) 75% of deals closed when the fee panel existed; over 90% once lenders selected their their own appraisers.
The implication is, once lenders could cherry-pick their own appraisers, and place pressure on them to inflate values and ignore defects, the percentage of FHA deals proceeding to a successful closing increased dramatically.
For the life of me, I cannot remember where I saw this study. Can anyone lead me in the right direction, please? I need this study to wrap up an article I am writing.
Thanks in advance!

Sam
 

Sam Martin

Thread Starter
Freshman Member
Joined
May 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Hi everyone!
Just wondering if anyone recalls the study in question, or any similar research into fee panels please? (Not AMC's; real fee panels!)
Thanks in advance!

Sam :)
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
I don't remember seeing it. However, log in to the newspaper you generally read to its "morgue" and type in FHA or FHA panel study. You may find it that way.

I wonder how that increase in closings correlate into the increase in FHA foreclosures.
 

William K

Senior Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
Sam I also seem to remember that study. I think it may have been brought up at an FHA class / seminar by HUD. Those seem to be figures that HUD would have direct access to. I would try to get the figures from them on percentage of loans closed to applications made from the last year of Fee Panel and then from the next year with out the Fee panel.

The problem I would see is the Guidelines also changed at about that time. So the argument by Lenders would be it wasn't the Opening of the Panel but the change in guidelines.:peace:
 

Sam Martin

Thread Starter
Freshman Member
Joined
May 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Thanks William! I have an e-mail into a contact at FHA, too. I also found an AI letter that deals with this (and other) issues, but lacks quantitative data. I'll post what I find, once I get more information. Thanks again!

Sam


Sam I also seem to remember that study. I think it may have been brought up at an FHA class / seminar by HUD. Those seem to be figures that HUD would have direct access to. I would try to get the figures from them on percentage of loans closed to applications made from the last year of Fee Panel and then from the next year with out the Fee panel.

The problem I would see is the Guidelines also changed at about that time. So the argument by Lenders would be it wasn't the Opening of the Panel but the change in guidelines.:peace:
 

Sam Martin

Thread Starter
Freshman Member
Joined
May 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Hey Mike!
Thanks for the tip. I am trying a number of databases. Your suggestion will be my next attempt. I'll report when/if I am successful.
Sam

I don't remember seeing it. However, log in to the newspaper you generally read to its "morgue" and type in FHA or FHA panel study. You may find it that way.

I wonder how that increase in closings correlate into the increase in FHA foreclosures.
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
I also found an AI letter that deals with this (and other) issues, but lacks quantitative data.

Are you a member of the Appraisal Insitute? If so, contact the Lum Library to see if they have a copy of the study. Also, you might try NAR's research library, again if you are a member.

Hope this helps
 

Sam Martin

Thread Starter
Freshman Member
Joined
May 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Thanks for the advice Howard. I am not a member of AI, but am a member of NAR. I'll give it a go.
Sam
 
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