FHA Lowering Requirements

[sputnam]

welcome change I don't think an attic pic has ever changed my report

It's changes mine a few times. You can't always tell that the dwelling burned and was rebuilt without lookin in the attic. Sometimes, the contractors leave some charred framing. .... Buy go ahead... do the least you can do.

 

[shrubberyvaluation]

Posted by Craig Gilbert on another forum-
"

Wow on the comp photos, was a PITA on some houses to position to get a side in it, oh and the times I took a comp photo without either side and had to go back...

 

[Non Sequitur]

From the reactions on Facebook one would think FHA adopted the VA fee schedule. Crazy. Heck, if MLS photos of the comps are the better than originals why not use MLS photos of the subject if it's a sale? That would "save" more time.

 

[Andee]

I don't think lowering their standards is going to make a bit of difference, the clients will still require everything to be the same. I'm working on one right now that wants to know the remaining economic age of the roof for an FHA. Gotta love when they do this crap because your staring at this roof and thinking "Does it matter? I live in a place where the roof will be replaced within the next 5 years for hale or storm damage." Like we just know this stuff off the tops of our heads and have insight/or can read minds, that we know when that particular roof was installed, and what type of rating the roof installed has. Then you go to the Sellers Disclosure to find out they don't even know if the roof has ever been replaced because they didn't live there long enough, and the attic provides no indication of anything.

I wish the Appraisal Subcommittee would grow a pair and take over some control of what should and shouldn't be required for a seamless process, and not constantly leave us guessing what needs to go into a report. Get everyone on the same page and not let them dictate everything to us what they expect to see. I don't know how many times I have worked on reports for the same client and the same lender and it's written the same way, but you get one reviewer/underwriter that thinks they know better and your redoing everything because "they said so", even though there is nothing that made it clear in the Engagement Letter.