FHA final inspection, new lender

[bnmappraisal]

I NEVER DO A FINAL for any lender where I was not the Original Appraiser

No problem with that Carnivore. That comes down to a business decision and I can understand if you were burned before by it, you not wanting to do it again

Recently I had a client (a decent client whom I've had for the past 3 yrs give or take) ask me to do a "Post Closing Occupancy Check" on a property where I was NOT the OA

I happily accepted and just spelled out the SOW within the Final (client had asked for the owners to show me ID and provide a copy of their IDs):
"I was asked to complete a post closing occupancy check to verify that the subject property is not tenant occupied.

As of the effective date of this report, the subject shows no indication(s) of being tenant occupied at this time (see photos). Borrowers/owners also provided photo identification (drivers license) at time of inspection (see attached)

Note: I did not complete the original appraisal on the subject property. My client (*********) did provide me with the original appraisal of the subject property, however the original appraiser's name and company name/address are redacted. I have not conducted a formal appraisal review of the original appraisal and the scope of work (SOW) for this assignment is only for a post closing occupancy check"

 

[glenn walker]

It's obvious that FHA/HUD needs to do a better job to educate it's roster on appraisal portability and slow down some of these non-stop debates. First off those USPAP boy's have never incorporated or given any direction or guidance on appraiser-portability and have no idea what Federal Agencies like FHA & USDA or GSE's require appraisers to do.

Anyway - Just my weekly rant, if I ever retire, I am going to , get a bottle of jack, turn on some good AC DC music , throw all those old USPAP handbooks into my fireplace and watch them all go up in smoke : ) LMAO

 

[CANative]

First off those USPAP boy's have never incorporated or given any direction or guidance on appraiser-portability and have no idea what Federal Agencies like FHA & USDA or GSE's require appraisers to do.

It's in there. Just have to actually read USPAP more than many appraisers actually do.

 

[glenn walker]

So I agree that the original appraiser and even a new appraiser can do this. Here is the issue and its a biggee..... Often times they close the loan and guess who does not get paid? You guessed it right. Both the OP or the new guy, especially if its a new appraiser.

In this case the OP is the guy above who did the original appraisal... So he/she risk not being paid at all.

So i would make sure you have an engagement letter on what is to be done and for how much. I would also include the Original Fee in the invoice if you have not been paid yet. Also often times this opens the door for questions and revisions.

This is a little off topic but I NEVER DO A FINAL for any lender where I was not the Original Appraiser. If they press me, then I want the Original Appraisers Name and phone number to verify that he is dead, on vacation, in Jail, etc. I got burned once, Never Again will i get burned. Lesson learned and i am quick learner.

Almost all lenders hold the new lender hostage if the appraiser has not been paid, and they will not forward the appraisal to the new lender, this happens sometimes and the warning signs are you start getting E-mails and phone calls by another lender asking you to forward them your XML & PDF- DON'T unless you have been paid and the original lender confirms it was reassigned. As far as the 1004-D for another appraiser I only do them if the property is close to home, for minor things like smoke detectors, Co detectors, hot water heaters being safety srapped etc. As far a getting paid I only do maybe one or two a year and so far I have always been paid but,

It's in there. Just have to actually read USPAP more than many appraisers actually do.

Well kudos to you but why so many arguments between appraisers about this or that ? I don't claim to be a USPAP expert but it appears that over the years at least 50% on this forum believe they are experts. Even the title --Uniform Standards of Appraisal Practice is misleading because, there is nothing uniform about it, and in court cases both plaintiffs and defense bring their own USPAP experts. now lets get back to hybrids and 1004D's

 

[glenn walker]

Almost all lenders hold the new lender hostage if the appraiser has not been paid, and they will not forward the appraisal to the new lender, this happens sometimes and the warning signs are you start getting E-mails and phone calls by another lender asking you to forward them your XML & PDF- DON'T unless you have been paid and the original lender confirms it was reassigned. As far as the 1004-D for another appraiser I only do them if the property is close to home, for minor things like smoke detectors, Co detectors, hot water heaters being safety srapped etc. As far a getting paid I only do maybe one or two a year and so far I have always been paid but,

Well kudos to you but why so many arguments between appraisers about this or that ? I don't claim to be a USPAP expert but it appears that over the years at least 50% on this forum believe they are experts. Even the title --Uniform Standards of Appraisal Practice is misleading because, there is nothing uniform about it, and in court cases both plaintiffs and defense bring their own USPAP experts. Can we even get 10 people to agree on "hybrids" are they USPAP compliant : )

 

[Carnivore]

Back before AMC-PhoneMonkey-DotCom got in between us and the Lender's, you could often get a new client by helping out....

Seriously you could bend over backwards numerous times for an AMC now days and they don't care because its all about cheapest, fastest and Fake Review Staff Appraisers.

Its a shame really how things changed.

 

[CANative]

Well kudos to you but why so many arguments between appraisers about this or that ? I don't claim to be a USPAP expert but it appears that over the years at least 50% on this forum believe they are experts. Even the title --Uniform Standards of Appraisal Practice is misleading because, there is nothing uniform about it, and in court cases both plaintiffs and defense bring their own USPAP experts. now lets get back to hybrids and 1004D's

Snark from my old Claremont buddy? I didn't mean to sound like I was questioning or arguing with your post.

*Uniform Standards of PROFESSIONAL Appraisal Practice, btw.

When I say it's in there, I mean that the requirements regarding assignment conditions are in there. It is the appraiser's responsibility to know how to apply USPAP to any given assignment conditions. USPAP is only about 100 pages long and of that, perhaps 30 pages or so apply to what 80% of what AF appraisers do. It can't cover each and every conceivable appraisal problem in detail. It would be 5,000 pages long.

It's boring and dull, but it's not rocket surgery or anything.

 

[glenn walker]

Snark from my old Claremont buddy? I didn't mean to sound like I was questioning or arguing with your post.

*Uniform Standards of PROFESSIONAL Appraisal Practice, btw.

When I say it's in there, I mean that the requirements regarding assignment conditions are in there. It is the appraiser's responsibility to know how to apply USPAP to any given assignment conditions. USPAP is only about 100 pages long and of that, perhaps 30 pages or so apply to what 80% of what AF appraisers do. It can't cover each and every conceivable appraisal problem in detail. It would be 5,000 pages long.

It's boring and dull, but it's not rocket surgery or anything.

NO "CAN" I was not meaning to be snarky, my point was I believe USPAP should be a document that can be easily read and understood by all appraisers and not be such a convoluted mess , And a guideline that does not have to be interpreted by only a select few people, who are either are USPAP instructors or just enjoy reading USPAP every night. BUT here is the scary part, even if your interpretation and understanding is correct , when a State or Federal agency-says you were not USPAP compliant the burden of proof is on you, and unless you are an- AQB certified instructor you have almost no defense and are just another appraiser with an-opinion.

 

[The Bob]

1234565

 

[CANative]

NO "CAN" I was not meaning to be snarky, my point was I believe USPAP should be a document that can be easily read and understood by all appraisers and not be such a convoluted mess , And a guideline that does not have to be interpreted by only a select few people, who are either are USPAP instructors or just enjoy reading USPAP every night. BUT here is the scary part, even if your interpretation and understanding is correct , when a State or Federal agency-says you were not USPAP compliant the burden of proof is on you, and unless you are an- AQB certified instructor you have almost no defense and are just another appraiser with an-opinion.

TAF would have to write 20 sections, one for each type of appraiser and what they do and subsections for each type of property that work on, and sub sub sub paragraphs for every conceivable combination of issues that might arise.

And some would still complain when they don't get it.

USPAP is like a kitchen pantry with ingredients, basic tools and a guide on how combine things into a meal. You still have to know how to cook without burning the house down.