• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

FHA Loan: AMC requests 1004d for value?

Status
Not open for further replies.

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
FHA insured loan.
Appraisal made early April.
Now have a request for a 1004d - in reference to value.
(( Has to be value, no repairs were needed ))

Why would they want or need this ??
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Doesn't matter why they would want it or need it. They can't have it.

I'm starting to think that non-approved brokers and brokerages who are woefully inexperienced are trying to operate on some sort of net branch basis or are just out and out co-brokering with willing approved FHA outfits.
 

hglenbetts

Senior Member
Joined
Dec 3, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
Doesn't matter why they would want it or need it. They can't have it.

I'm starting to think that non-approved brokers and brokerages who are woefully inexperienced are trying to operate on some sort of net branch basis or are just out and out co-brokering with willing approved FHA outfits.

Yes.. For some reason, I receive a lot of e-mail advertising geared to MBs. One that I get often offers MBs a "partnership" with their company to get into the FHA business.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
FHA Mortgages, Reverse Mortgages, Conventional Loans

UP TO 97.15% FINANCING AVAILABLE

Purchasers requiring "100% financing" can borrow up to 97% LTV and are often able to buy a house with $0 out of pocket, via the home seller sponsoring a 3% down payment assistance plan, and conforming rates!

LOANS DOWN TO A 580 FICO

Unlike most conventional lenders, FHA actually wants borrowers to close loans. If you aren’t doing FHA business now, then you are losing business fast.

LOANS UP TO $729,750 for High Cost Areas

FHA … The New Subprime - Who would have thunk it?

Our Loan Officers are Closing FHA Mortgages, Reverse Mortgages and Conventional Loans

If you’re tired of good loans falling apart, then start closing FHA loans Today through our Net Branch or Loan Officer program.

• No License Required in California.

• No disclosure of YSP (We are the Direct Lender)

Very High Commission Splits

• Accounting and HR services provided

• Paperless and Automated

• Automated Loan Pricing Engine

• Complete Loan Processing

• Market and Sales Support

George Axxx
Branch Manager
Hxxx Txxx Lxxx
Corporate Offices
1500 zzz Street #250
Newport Beach, CA 92660
(866) zzz-zzz x 101
[email protected] <mailto:xxxxxxxcom>
 

Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
An example of an AMC's employee minimum requirements is listed below:

Appraisal Processing Associates

We are seeking full timeAppraisal Processing Associateswho will be responsible for appraisal order maintenance to include (but not restricted to) order receipt, order assigning, obtaining interim order status by queue-calling/follow-up, communicating order status to the client, achieving clarification of issues affecting the successful completion of the appraisal assignment, and entering order-specific notes into the FLS order management system.
Candidatesmusthave a minimum of one (1) year appraisal processing, mortgage processing or banking to have their applications/resumes considered.
RESPONSIBILITIES INCLUDE:

* A strong understanding of the Appraisal Team and their role in providing the highest levels of customer service, efficiency, and productivity.
* Flexibility and teamwork are essential requirements in order to succeed within the environment in which the appraisal team operates.
* Compile and deliver recurring client order status reports.
* Highly organized and detail-oriented, and able to respond professionally to business communication (internal and external) of all types.
* Utilize the follow-up queue to maintain the appraisal order from receipt to delivery to the client.
* Ability to work well with multiple team members to deliver high levels of customer service.
* Teams with Customer Service staff to respond to elevated or complex issues regarding appraisal orders.
* Functions as a liaison between the appraiser and client to resolve any issues related to completing the appraisal assignment.
* Updates the client of any and all delays associated with completing the appraisal assignment.
* Utilizes the FLS order management system to enter notes, set process points, and manage all stages of the appraisal assignment.
* Provide support to appraisal review, teaming to accomplish quality control reviews of appraisal reports prior to delivery to the client.
* Communicates chronic or repetitive service and/or quality issues with individual appraisers to department management.
* Perform other related duties as assigned or directed.
All applications must be submitted through our company website at www. fiserv. com
LOCATION:zzz,xx
DEPARTMENT:Valuations
SHIFT:Varies; hours range from 8:00 a. m - 8:00 p. m., plus overtime (including Saturdays) as required by management.
SALARY:$9. 00- $12. 00/hour. Pay is based on relevant skill and knowledge.
POSITION QUALIFICATIONS:
Education:High School Diploma or GED.
Job Related Experience:A minimum of one (1) year in appraisal processing, mortgage processing, or mortgage-related customer service.

Physical Requirements:Ability to sit and work at a computer for extended periods of time. Ability to use a computer keyboard and monitor for extended periods of time.

https://www2.recruitingcenter.net/c....cfm?jbaction=JobProfile&Job_Id=27873&esid=az


I do not see any reference to a requirement for experience with FHA/VA lending/appraisal procedures. Once again, FHA recommends the appraiser be familiar with their policies and procedures.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
^^^^
Ah.... but the job does require:
A strong understanding of the Appraisal Team and their role in providing the highest levels of customer service, efficiency, and productivity.

That's the ticket: Teamwork !

Hiring interview:
Who's the customer?: The Broker (or maybe the Lender)
What's their goal?: Making a profit, NOW.
Who's on the team: The AMC, The Broker or maybe even the Lender
Who's the disinterested party: The Appraiser
Who needs to be co-opted onto the team................................?????
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Yes.. For some reason, I receive a lot of e-mail advertising geared to MBs. One that I get often offers MBs a "partnership" with their company to get into the FHA business.

True, however, these "affiliates" must also be approved by FHA. Those that are not get around that requirement by having the broker/manager sign on with that company as a loan agent. This is also illegal from an FHA standpoint but my guess is that enforcement is non existent. You can find a list of approved FHA direct endorsement lenders as well as lists of approved Affliliates on the FHA web site. If the name is not on any of those lists, they should be reported to your local HOC.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
And the Answer IS

In response to my question about the 1004d,
HOC says, and I quote from their email
Drumroll....
"FHA does not have a requirement to use this form.
"However, it may be a supplemental standard impose by the lender."
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
In response to my question about the 1004d,
HOC says, and I quote from their email
Drumroll....
"FHA does not have a requirement to use this form.
"However, it may be a supplemental standard impose by the lender."


That is clear as mud. So is the appraisal good for six months or not ???
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Charge them accordingly (and since they can't get another case# for a few months) I would think your opinion today would be of great value.:)
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks