FHA Loan: AMC requests 1004d for value?

[Riick]

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]

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]

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]

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[Michael Tipton]

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]

^^^^
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]

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]

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]

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]

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.