• 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 orders being pulled

Status
Not open for further replies.

Narkissos

Junior Member
Joined
Jan 9, 2006
Professional Status
Certified Residential Appraiser
State
Michigan
I have had two requests this week for FHA appraisals. Both have been pulled because the requests came over the predetermined values, wth emails following; requesting that a call be made prior to proceeding to make sure "we are in the ball park". I refused to comply and have now been told to cancel the order they will be re-assigned to another appraiser.

Real glad to see that allowing the lower life forms access to FHA has decreased appraiser pressure.
 
Last edited:
Same here. There's no doing an FHA appraisal anymore without a value guarantee.
 
Greg,
I told them I would do nothing without a case #. So they send over the case number. Here I am thinking they are on the level. Then the calls and emails start. These guys have some brass ones. They put it in writing on the order " please pull comps - Do not proceed if the value estimate is below the estimated value - contact the loan officer immediately". Then in an email" please make sure we are in the ball park prior to doing the appraisal, I do not want to waste the borrowers money. I call them on it and they are insisting that they are doing nothing wrong.
 
Last edited:
HUD hasn't had a residential appraisal come in below contract price in years. I would like to know what percent of their residential appraisals come in below contract price. I would bet it's a miniscule number which they would be unwilling to share. Lender select is aptly named, the lender selects the value....And FHA's been tasked with helping to clean-up the subprime mess...Now that's got to be a joke.

Interesting link to HUD's delinquency rate.....it's the highest in the industry 13.4%

http://www.mcdash.com/resources/Overview Reports - November07 - Free.pdf
 
Last edited:
Correct me if I am wrong----- please be honest!!! When a case number is assigned, is it not specific to an appraiser at the same time? In that case would the m/b have to request a change on the case number? I would think if there is a change in appraisers before a report is submitted that it would put up a red flag and questions would have to be answered. Also could you not file a complaint with HUD that you were asked to agree to a value prior to doing the inspection and report? If not why not? After all you were assigned to that case number.
 
Greg,
I told them I would do nothing without a case #. So they send over the case number. Here I am thinking they are on the level. Then the calls and emails start. These guys have some brass ones. They put it in writing on the order " please pull comps - Do not proceed if the value estimate is below the estimated value - contact the loan officer immediately". Then in an email" please make sure we are in the ball park prior to doing the appraisal, I do not want to waste the borrowers money. I call them on it and they are insisting that they are doing nothing wrong.

To All,

Ok people! Something needs to be done about this.... It is time that real estate appraisers storm the bastions of FHA, report all this crap, and demand action.

For local home buying, FHA mortgage insurance information, or technical support for industry professionals, please visit [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]the [/FONT][FONT=Verdana,Geneva,Arial,Helvetica,sans-serif][FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]FHA Resource Center[/FONT][/FONT][FONT=Verdana, Geneva, Arial, Helvetica, sans-serif] or email your question to: HUD@custhelp.com[/FONT][FONT=Verdana,Geneva,Arial,Helvetica,sans-serif] or telephone the FHA Resource Center at: (800) [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]CALLFHA (800-225-5342). [/FONT][/FONT][FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]
[/FONT][FONT=Verdana,Geneva,Arial,Helvetica,sans-serif] [/FONT]
To contact your local FHA Homeownership Center, please click on your state below.


http://www.HUD.gov/offices/hsg/sfh/hoc/hsghocs.cfm


Everyone should start screaming over all of FHA' s phone lines and email addresses over this crap.


Webbed.
 
Last edited:
That is what I thought also. I appraised a place that was converted out of a garage with lower than typical ceilings where you had to duck to avoid light fixtures, low quality construction methods, burn damage, etc. etc. and I stated the property did not meet minimum standards on the front of the old VC sheets. I was paid but I believe the broker still funded it FHA using another FHA appraiser. This property was obviously not up to minimum FHA standards. I never got another order from that broker.
 
Narkisso,

YOU complain here...

U.S. Department of Housing and Urban Development
Philadelphia Homeownership Center
The Wanamaker Building
100 Penn Square East
Philadelphia PA 19107-3389
Tel: (800) CALLFHA or (800) 225-5342

Webbed.
 
That is what I thought also. I appraised a place that was converted out of a garage with lower than typical ceilings where you had to duck to avoid light fixtures, low quality construction methods, burn damage, etc. etc. and I stated the property did not meet minimum standards on the front of the old VC sheets. I was paid but I believe the broker still funded it FHA using another FHA appraiser. This property was obviously not up to minimum FHA standards. I never got another order from that broker.

Lionfish,

Have you ever heard "business is war" before? It's a Japanese thing.

So you get a friend, so the borrower does not recognize your name, to offer that borrower $50 for a copy of the appraisal used...... Once in hand .... if you find the Ethics Rule was violated....

Webbed.
 
Greg,
I told them I would do nothing without a case #. So they send over the case number. Here I am thinking they are on the level. Then the calls and emails start. These guys have some brass ones. They put it in writing on the order " please pull comps - Do not proceed if the value estimate is below the estimated value - contact the loan officer immediately". Then in an email" please make sure we are in the ball park prior to doing the appraisal, I do not want to waste the borrowers money. I call them on it and they are insisting that they are doing nothing wrong.

To answer the question about case numbers...they run with the property NOT the appraiser. They are "good" for 6 months on that property.

So in reality the low-life MB could get a case number for the subject and still shop around for a HUD approved appraiser that will "guarantee" the value.

One thing you might do, is ask the MB who is the DEU (direct endorsement underwriter). Because once assigned, you are not supposed to be talking to anyone except the DEU. THAT could put a chink in the process. :clapping:
 
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
Back
Top