FHA Reconsideration of Value

[BUCKET]

again?

i saw mikes 4150.2 4-14, and pams HUD response. i didnt realize the reconsideration was for a new appraisal or decline due to the provided data not relevant etc. in our shop we are getting just a note from the AMC with typwritten request to state why we didnt use these comps. usually 5-10, older, after the eff date, or already used in the report. this is not a reconsideration? does the underwriter still have to provide signed request as in 4150.1? i think i will make them be clear on what they want, but can someone please expand on the last part of my comment?

 

[Doug Meyer]

i saw mikes 4150.2 4-14, and pams HUD response. i didnt realize the reconsideration was for a new appraisal or decline due to the provided data not relevant etc. in our shop we are getting just a note from the AMC with typwritten request to state why we didnt use these comps. usually 5-10, older, after the eff date, or already used in the report. this is not a reconsideration? does the underwriter still have to provide signed request as in 4150.1? i think i will make them be clear on what they want, but can someone please expand on the last part of my comment?

Any reconsideration of value must come from the DEU only and not the AMC. See the HUD appraiser response to that question! The AMC's are overstepping their bounds and if you are doing reconsiderations from the AMC only, you may be in serious violations of HUD guidelines.

 

[RSW]

I have to agree with Doug!

 

[Lycabull]

Just finished an FHA appraisal for an AMC (now I remember why I do not like to work for them)

Doug: I hope you add up all the hours of your time they just wasted and factor that into your decision on whether or not to accept an order from the next pond scum that calls. Not saying that I blame you, only that its sad anybody has to work for these type of companies in the first place.

Pam: I'm always reading how the lenders, AMCs and others, read these threads. Glad to see you still do too Hopefully the right people at HUD will get their hands on this and actually do something for a change.

 

[Doug Meyer]

Just for a quick follow up. My client has removed me from their approved appraiser list since I would not reconsider the value. In other words, I followed FHA protocol rules and regs and now they will not use me. Not sure if I really wanted to continue working with them anyway. But still, I followed the rules and am punished with no work.

 

[RSW]

Just for a quick follow up. My client has removed me from their approved appraiser list since I would not reconsider the value. In other words, I followed FHA protocol rules and regs and now they will not use me. Not sure if I really wanted to continue working with them anyway. But still, I followed the rules and am punished with no work.

I would call the HOC and let them know what is going on and see what they have to say about it.

 

[jimmyfrank]

Just for a quick follow up. My client has removed me from their approved appraiser list since I would not reconsider the value. In other words, I followed FHA protocol rules and regs and now they will not use me. Not sure if I really wanted to continue working with them anyway. But still, I followed the rules and am punished with no work.

Moral of the story: Life ain't fair!!!

 

[Pamela Crowley (Florida)]

Just for a quick follow up. My client has removed me from their approved appraiser list since I would not reconsider the value. In other words, I followed FHA protocol rules and regs and now they will not use me. Not sure if I really wanted to continue working with them anyway. But still, I followed the rules and am punished with no work.

I'll send you the contact info for an FHA attorney to send all your evidence regarding this to.

Anybody else that has evidence of any AMC or lender doing anything that would violate FHA protocols, please let me know!