FHA orders being pulled

[Mike Boyd]

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.

Chris....When did you get that info that the case number runs with the property, NOT the appraiser? You may be right but that was not the case a few years ago. Yes, the case number is specifically for the property but it was also specific to the appraiser. So, to switch appraisers, the lender had to get a new case# which required a GOOD (acceptable to FHA) reason. Like Brad wrote on a thread I started this past Saturday, when you reject a property for not meeting minimum standards also notify FHA by sending them a copy of the letter you write to the lender. Then, if a new case # is applied for, they will see your notice of rejection for that same property.

 

[Michael Tipton]

Found this in the FAQ section of the HUD web site.

Question 8: How do I reassign an Appraiser in CHUMS?

[FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]Answer: The Appraiser Reassignment screen in the [/FONT][FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]FHA Connection[/FONT][FONT=Verdana, Geneva, Arial, Helvetica, sans-serif] should be utilized. This screen allows lenders to override the initial appraiser assignment. Valid reasons for reassignment include: 1) the current appraiser is on vacation, medical leave or otherwise unavailable, 2) the current appraiser has too many other cases on hand, 3) location convenience, or 4) to further equitable distribution. Appraiser reassignment data may not be updated after the appraisal is logged.[/FONT]
[FONT=Verdana, Geneva, Arial, Helvetica, sans-serif][/FONT]
[FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]
http://www.HUD.gov/offices/hsg/sfh/faqs/atl1end.cfm

[/FONT]

 

[Chris Colston]

Chris....When did you get that info that the case number runs with the property, NOT the appraiser? You may be right but that was not the case a few years ago. Yes, the case number is specifically for the property but it was also specific to the appraiser. So, to switch appraisers, the lender had to get a new case# which required a GOOD (acceptable to FHA) reason. Like Brad wrote on a thread I started this past Saturday, when you reject a property for not meeting minimum standards also notify FHA by sending them a copy of the letter you write to the lender. Then, if a new case # is applied for, they will see your notice of rejection for that same property.

A HUD seminar I took in Ft Lauderdale, this past Dec, that was given by the staff and administrators from the Atlanta HOC.

 

[Mike Boyd]

A HUD seminar I took in Ft Lauderdale, this past Dec, that was given by the staff and administrators from the Atlanta HOC.

Interesting. BUT, there still must be an acceptable to FHA reason for switching appraisers. See Michael Tipton's response.

 

[Chris Colston]

Interesting. BUT, there still must be an acceptable to FHA reason for switching appraisers. See Michael Tipton's response.

Yep, and I don't believe..."appraiser will not provide pre-value" is an acceptable reason. So the MB shop and call and shop and call until they find an FHA approved appraiser who will. Then they get the case number. It is just so wrong!!

Used to be, before MBs ordering FHA, the loan application would be submitted to the PROCESSOR, the PROCESSOR would get the CHUMS number and then order the appraisal. Not so anymore. Used to also be the lender had to submit the 1st 25 packages to HUD for quality review. Whatever happened to THAT program?

 

[FMan222]

Welcome to the new subprime market just waiting to do the same thing !!!!!!

 

[DIANA NYTKO]

Have Heard It All Before. FHA Has Opened A Can Of Worms By Lowering The Property Condition Standards. I've Been FHA Approved For Over 25 Years And Used To Carry A Black Bag With Me For All The Test Equipment I Carried. If The Property Has Problems To Begin With, What's It Going To Look Like After They Forclose On The 100% Mortgage In A Year Or Two?

Diana Nytko, Ct.property Appraisers

 

[DIANA NYTKO]

When I First Started FHA Work, The Appraisers Were Selected On A Rotating Basis By The Hartford Ct. Office, Then The Lenders Were Permitted To Select Their Appraisers. Boy Did I Loose A Lot Of Business. Could It Be I Didn't "play The Game"..

Diana Nytko, Ct.ppty.appraisers

 

[The Matrix]

As I've said before...."Lender Select" is aptly named, the lender selects the appraiser and the value....


HUD conveniently turns a blind eye to the following facts.....




"If the appraiser refuses to inflate values, they won't get hired.

If the appraiser refuses to guarantee a predetermined value, they won't get hired.

If the appraiser refuses to ignore deficiencies in the property, they won't get hired.

Payment is refused if the appraiser's appraisal isn't high enough.

And.....Honest appraisers are being blacklisted".

Source: Appraiserspetition.com

I hope these issues will be addressed.......If it"s "caveat emptor" why get an appraisal ? I believe HUD has an obligation to try to protect the buyer by assuring that the appraisal is unbiased and is not subject to undue influence by those trying to make their commission check.

 

[Ted Markow]

Quote:
Originally Posted by Chris Colston View Post
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.



Chris
The last 2 FHA orders I got they sent me copies of the letter from HUD with all the information on the borrowers. I also includes my name and license prominently on the confirmation. o that leads me to believe that I am very connected with that case