FHA orders being pulled

[Marcia Langley]

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.

Chris,

I think appraisers are going to have to take a more rigid stance on this. I wish FHA would but I'm not hopeful.

If FHA would, in a broadcast to all approved lenders, stress the above as a requirement and maybe even make the DEU's contact information as well as the case number a mandatory item on the appraisal order it would go a long way toward reducing some of these abuses.

At least that would give appraisers a recent document to show clients how it is supposed to be done.

In today's environment that rule is almost impossible to enforce and FHA doesn't seem to like to bring it up.

 

[Mike Kennedy]

This Deserves Its' Own Thread!

bump up ****** http://appraisersforum.com/showthread.php?t=133944

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]

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.

 

[Kevin Mc]

Lets call it like it is.

FHA was orginally the subprime venue. Over the past several years they took a serious backseat to more liberal subprime programs. With the demise of the subprime market they are in vogue again and are being serviced by the same folks who work in subprime. There are no roadblocks in the process these days. Skippy can get FHA certified in minutes, no VC sheets, No fee panel. FHA is one big joke. We all know it. I haven't seen an FHA order in months because I won't do them the way the cretins like. One of the biggest movers of these products in my area plays by their own rules, and they are far from legit.

 

[Pam Weed]

..........

 

[Ross (CO)]

How can anybody's fix be effective ?......if a property owner has no equity, or is now in over-their-head, or the property has not been physically improved in recent years as to sustain a greater appeal-factor in that market, or is in a market where over-supply has diluted and suppressed the prices of the few homes that do sell ? How can a borrower GET a better circumstance for themselves ?.....unless an increased value opinion for their property (compared to WHATEVER value was last expressed) carries forward as the catalyst for the fix.

I wonder what % of the properties-and-persons needing their mortgage situation to be fixed.....are located in market areas where the price/value trend is downward/declining, sales are few, REO's are increasing, and the "bottom" has not been seen yet.

Coercion and influence, anyone ? --- Comp checks, pre-reporting, stop if value is "an issue", we don't want to waste anyone's money here, and.....(drum roll) you KNEW all along that the value was NOT going to hit what we needed ! ! At what point in time is FHA going to speak LOUDLY about those sorts of practices ? - - -They need to use and rely on Zillow. BPO's are always a good option. Here is a chance to consider using Z-2055's to help those property owners get over their hurdle. If only FHA would announce that a drive-by with no interior observations would be sufficient.....then much of the effort to correct things might be more easily accomplished, and we can move forward with new exuberance for increasing property prices !

Anybody view the Richard Hagar webinar on "Housing and Economic Outlook for 2008" ?

 

[The Matrix]

No comment.

 

[Webbed Feet]

To All,

I invite those willing to take action and provide positive information for others, to join other like-minded individuals in the thread I have started that is exclusively for those willing to help make a positive difference. Versus just bellyache about it.

http://appraisersforum.com/showthread.php?t=133974

Webbed.

 

[Alison Swain]

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.

Chris:

Are you sure about that? This very issue became a huge source of contention between the appraisers and underwriters attending an FHA workshop I attended several months ago at Stetson's Celebration campus. The FHA rep had come over from Tampa and even she couldn't straighten it out.

Besides, why do LO's/processors need our license/FHA numbers to apply for an FHA case #?

 

[TJSum]

From my experiences it appears rather easy for them to change the appraiser's name for a case number. At times a client will send an FHA order to an appraisal company that has several appraisers doing work, and the case number is in the wrong appraisers name, a quick phone call back to client to correct the issue usually results in the corrected name change within minutes.

 

[CANative]

From our favorite MB forum...

I have a refinance I am working on FHA. Got the appraisal back and there is a mobile home on the property. The underwriter with TBW just called and said this needs to be removed.

Its now considered a 2 unit.

Removing it is probably not an option. How can I get this done.

Please help

Response

Just ran in to this myself, we had the toilet removed, and the appraiser indicated it was a storage unit with no value. (Nope, I did not ask why, just did it)