FHA/Flagstar Question

[wadetx]

Check out my decay question from earlier today if you don't mind. I'm sure I am correct, but I need some affirmation before I tell my competitor how wrong he is. I would appreciate it.

 

[GARY TRENT]

TX, the same thing happened to me a while back. I had to find a Flagstar approved appraiser to sign as the supervisor.

 

[Vegan702]

Tim has it correct in how they do it. They can still get the case number and assign the appraiser, but like Tim stated they don't log the appraisal into the system if it doesn't fit what they need and just get another one that does.

 

[Mike Garrett RAA]

There are always ways around the system...SSDD!

"Same Stuff, Different Day".

Call the HOC and unload the problem on them.

 

[Jason Barber]

TX, the same thing happened to me a while back. I had to find a Flagstar approved appraiser to sign as the supervisor.

Same exact thing happened to me last week. Funny thing is... the supervisory appraiser (Flagstar approved) who signed off on my report was a State Licensed appraiser. So much for increased education standards...their policy is a joke.

 

[ghrousseau]

I performed an FHA Appraisal in late September for my client. Apparently, they had a problem with the original lender that they were going to use.

So, now they are trying to run it through Flagstar, but I am not approved with Flagstar. So, now they are wanting to cancel an already completed and delivered FHA Appraisal because I am not on Flagstar's approval list.

From what I understand, they can not switch appraisers, once a FHA Case File# is assigned to an appraiser, at least for 6 months. Will FHA release an appraisal because the lender will not put that FHA Appraiser on their approval list.

The only reason I am not approved with Flagstar is because I do not yet meet their 5 years experience criteria. You have to have 5 years experience from when you first get Licensed, and I do not have the full five years yet.

I personally do not think that FHA will release the appraisal for this reason. I am concerned, can a lender refuse to accept one of my FHA Appraisals if I meet the approval standards for FHA.

Has anynone run across this with Flagstar?

Any suggestions would be helpful.:icon_question:

Ask your client why they put up with the BS from Flagstar? There are plenty of wholesale and correspondent lenders that accept appraisals completed by FHA roster appraisers. Flagstar is superseding FHA guidelines. Also, the DE underwriter has to review and approve the appraisal regardless of who completes it. I'd tell the client to push a little bit.............that's why they get to charge origination fees and get paid YSP............they are supposed to work for it.

 

[Jack Hines]

Ask your client why they put up with the BS from Flagstar? There are plenty of wholesale and correspondent lenders that accept appraisals completed by FHA roster appraisers. Flagstar is superseding FHA guidelines. Also, the DE underwriter has to review and approve the appraisal regardless of who completes it. I'd tell the client to push a little bit.............that's why they get to charge origination fees and get paid YSP............they are supposed to work for it.

I, much like TXCBoy, have the same problem with Flagstar and their 5 year requirement. I have a client that I do a lot of work for in a rural area that I am very competent in. However, no one on the Flagstar list normally covers this county/area. My client has pushed his FS rep several times for the past few months trying to get me on the list to no avail. So he is left with begging appraisers who are on the list to accept assignments in an area where they are geographically incompetent and he/FS get second rate reports because of it.... STUPID! Maybe that's why their stock is currently trading at 69 cents!

 

[ramrcdk]

Thanks for the very interesting and USABLE information...a slam-less thread is very nice to see!!