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FHA orders ordered on recent reports

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AppraizinAZ

Thread Starter
Junior Member
Joined
Dec 31, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
I've done 4 refinance appraisals last week, and between last night and this morning, all 4 have asked for them to be "changed to FHA" Two of the appraisals made the homeowners quite angry with me since their idea of current value was their appraisals over a year old. So these two are going to be really fun to go back to to do the FHA inspection. Anyone else getting a large increase of FHA appraisals?
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
I've done 4 refinance appraisals last week, and between last night and this morning, all 4 have asked for them to be "changed to FHA" Two of the appraisals made the homeowners quite angry with me since their idea of current value was their appraisals over a year old. So these two are going to be really fun to go back to to do the FHA inspection. Anyone else getting a large increase of FHA appraisals?


So much so that I do ALL Refi's as IF they are going FHA.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Not yet, but I expect that to happen when the fannie mae increase to $724,000 has been finalized.

If you are asked to change it to an FHA it will be a new assignment and you are entitled to a full fee. Make sure they include the FHA case number and the assignment made specifically to you.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
The MB's are finding it difficult due to the haircuts conventional lenders are imposing and the higher credit scores and DTI requirements.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
The MB's are finding it difficult due to the haircuts conventional lenders are imposing and the higher credit scores and DTI requirements.

Not to mention LTV problems
 

Terrel L. Shields

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Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I wouldn't do anything with the report until they provide a case number. period. no ifs. no ands. no buts.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Also appraisal reports have a new intended user and new intended use--so don't forget to change that if you complete a FHA assignement.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
FHA...the new sub-prime market
 

AppraizinAZ

Thread Starter
Junior Member
Joined
Dec 31, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
After telling them how it's a new assignment and yes, I told them also I wouldn't go out until I receive the case # (even though you don't have to anymore, which I thought was a bad idea) I'm sure I'll lose the last few lenders I have left because someone else WILL. I was thinking it would be a good idea to compose an informational letter to my lenders stating stipultions of FHA ...any thoughts?
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
FHA...the new sub-prime market


And easier for the taxpayers to foot the bill rather than waiting for bail-out legislation from Congress.

The conversion from a conventional to an FHA is not a major problem and should not be one that you try and pay off the bass boat with. Clone the old report, give it a new number, do your inspection and then send an invoice for a few shekels.

These are your clients; not your enemies. Treat them as such.
 
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