FHA REO Has The Axles, Uninsurable?!

[EDWARD BERRY]

COMMON SENSE does not prevail, only rules(or preceived rules)

Like if one HUD tag on a DW was torn off on installation of a deck--NOT INSURABLE.

Change it and resend or you will get ulcereeees.

Been there-the customer is always right, did you not hear that in Denver?

Wire nuts, ed

 

[Caterina Platt]

Hey Ed!

Yes, I agree, the client's requirements for the report must be considered. What I also got from our meeting in Denver is that First Preston is not above mis interpretation at times of FHA/HUD guidelines. Clarification of what the guidelines mean is often necessary on both ends, appraiser and client. Remember how they would have preferred we try to turn the water main valve at the street if the lid opened? That's not legal to do. We must watch our own backs as well.

I had to take them to the mat regarding foundation inspections by the engineer several months ago. They'd forgotten the HOC Reference guide 1-09 statement which superceeded the 4150.2. Jo Ann helped me gather the info, and we got them on the right page finally.

This statement Jo Ann pulled from Mortgagee letter 00-27 is quite pertinent. The reviewer referenced the 4150.02 section 8-2 which also goes on to state the unit would be uninsurable were it not connected to public water/sewer if available. Another curable item if the cost to do so is within 3% of the total sale price. So then if we follow this logic, anything that does not currently meet MPR's would render the property uninsurable. Holes in the carpet, missing HVAC, you name it.

I don't want to poop my nest with a decent, however very high maintence, client, but I also must remember this report potentially hits the reviewer's desk at FHA/HUD as most certainly the prospective lender's. Due to a glitch(?) in their software, I can't print the rejection messages from Appraisal Port to back my reasons for making inaccurate statements at the mis-direction of my client, nor would that stand up against scrutiny. It's my FHA certification, and my responsibility to follow the rules. Yes, going toe to toe with these folks may jeopordize future assignments. Unfortunately, this is the case with any client, contractor to HUD or not.

Signed,

The barefoot in the elevator trouble maker. :lol:

 

[EDWARD BERRY]

BAREFOOT,

SCREEN HUNTER will capture anything on the screen, then you can print---but if its gone on AP its gone.

http://www.wisdom-soft.com/

10 cents for recpt. covers-ed

 

[Caterina Platt]

Thanks Ed! I'm going to give that a try. You're not as backwoods as you say there Dear, you're pretty high tech at times.

Ok, I managed to keep from completely shooting myself in the foot with these FP people. A light bulb suddenly went on awhile ago that calms some of the frustration:

When we FP REO appraisers get messages via Appraisal Port from the reviewer's, our responses never go to the reviewers, they go to our account rep. The reviewer likely will not see your typed response, questions, arguments, et. al. Your account rep. who is not an appraiser and not completely familiar with the whole 4150.2, Mortgagee Letter, etc. process gets to field these and 'answer' the questions to the best of their ability. This has been my major source of frustration. I ask a question and do not get an answer. I respond to a message and get a totally 'canned' response back that gets me no closer to a resolution than I was prior. Thinking I'm dealing with a brick wall, I bang my head on the desk, sometimes repeatedly. Ouch!!

The real way to solve the problem??? Call and talk directly with the reviewer!! :idea: Ya know what? It worked! His interpretation and mine are still quite different, but we found a comprimise that perhaps covered us both. We shall see....I typed in the insurability statement that it was 'currently considered 'Uninsurable' per client instructions due to the presence of the running gear. I also left in my requirement for it's removal and estimated cost.


No, you don't have to sell your soul to meet client requirements. Now that the weakness of the whole AP message ordeal is understood, I am much more relieved that I am dealing with real, thinking, appraisers. The problem is, you don't have access to them via AP. Our account reps are in no way 'brick walls', just not really equipped to handle our technical and property guideline issues. Now we have a topic for our next Regional Training Seminar- quit making our account reps try to field questions they don't have the answers to!!!