apprtech
Sophomore Member
- Joined
- May 25, 2011
- Professional Status
- Certified Residential Appraiser
- State
- Florida
Reading the handbook I didn't see where HUD/FHA requires this statement to be written in the report.
It is an explanation has to what FHA does and that they are one of the intended users of the report.
This is what I read from the Handbook : Appraisal Integrity: The Mortgagee is responsible for identifying any problems or potential problems with the integrity, accuracy and thoroughness of an appraisal submitted to FHA for mortgage insurance purposes.Appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP), including the Competency Rule, when conducting appraisals of Properties intended as security for FHA-insured financing. In appraising any Property for the purpose of obtaining FHA mortgage insurance, the Appraiser must certify that they are capable of performing the appraisal because they have the necessary qualifications and access to all necessary data.The Mortgagee must ensure that FHA is listed on the appraisal report as an Intended User of the appraisal.
Appraisal Effective Date
(a) Standard: The effective date of the appraisal cannot be before the FHA case number assignment date unless the Mortgagee certifies, via the certification field in the Appraisal Logging Screen in FHAC, that the appraisal was ordered for conventional lending or government-guaranteed loan purposes and was performed by a FHA Roster Appraiser.The Mortgagee must ensure that the appraisal was performed in accordance with FHA appraisal reporting instructions as detailed in this SF Handbook and the Appraisal Report and Data Delivery Guide. The intended use of the appraisal must indicate that it is solely to assist FHA in assessing the risk of the Property securing the FHA-insured Mortgage. Additionally, FHA and the Mortgagee must be indicated as the intended users of the appraisal report.
I guess I read those last two statements differently, it is the Mortgagee's responsibility to whom? I write on all my FHA reports that HUD and lender are the intended user, however who else would you be writing about assisting FHA in assessing the risk of the Property securing the FHA-insured Mortgage? I mean the mortgage company knows that, and HUD certainly knows that. I believe it is the lender's responsibility to the borrower to explain what the appraisal is being used for and to whom it benefits.
Comments?
It is an explanation has to what FHA does and that they are one of the intended users of the report.
This is what I read from the Handbook : Appraisal Integrity: The Mortgagee is responsible for identifying any problems or potential problems with the integrity, accuracy and thoroughness of an appraisal submitted to FHA for mortgage insurance purposes.Appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP), including the Competency Rule, when conducting appraisals of Properties intended as security for FHA-insured financing. In appraising any Property for the purpose of obtaining FHA mortgage insurance, the Appraiser must certify that they are capable of performing the appraisal because they have the necessary qualifications and access to all necessary data.The Mortgagee must ensure that FHA is listed on the appraisal report as an Intended User of the appraisal.
Appraisal Effective Date
(a) Standard: The effective date of the appraisal cannot be before the FHA case number assignment date unless the Mortgagee certifies, via the certification field in the Appraisal Logging Screen in FHAC, that the appraisal was ordered for conventional lending or government-guaranteed loan purposes and was performed by a FHA Roster Appraiser.The Mortgagee must ensure that the appraisal was performed in accordance with FHA appraisal reporting instructions as detailed in this SF Handbook and the Appraisal Report and Data Delivery Guide. The intended use of the appraisal must indicate that it is solely to assist FHA in assessing the risk of the Property securing the FHA-insured Mortgage. Additionally, FHA and the Mortgagee must be indicated as the intended users of the appraisal report.
I guess I read those last two statements differently, it is the Mortgagee's responsibility to whom? I write on all my FHA reports that HUD and lender are the intended user, however who else would you be writing about assisting FHA in assessing the risk of the Property securing the FHA-insured Mortgage? I mean the mortgage company knows that, and HUD certainly knows that. I believe it is the lender's responsibility to the borrower to explain what the appraisal is being used for and to whom it benefits.
Comments?
