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FHA Resurrects Appraisers Online Rankings

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Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
This list truly amazes me.

How the FHA make the leap of judgement from me giving an opinion of value on a sales to being assigned a default rate is beyond me. I have no say whatsoever in the decision for these people to get their FHA loan and the bottom line is that I get tagged with the default. It is as though somewhere, because I missed requiring a handrail on a stairs, someone will not make his or her monthly payments and the house will go into default.

What I would like to see is a default rate for loan officers or UW. Now that would be interesting.

But then, they don't drive around in air conditioned cars all day and make the big bucks we appraisers do.
Can't be their fault can it?
 
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
I had a couple. Ah well. It would be nice to find out which one's ended up in the pooper so that I could see what they resold for. Take time and the market into consideration between the two transfers. An appraiser friend of mine and I were talking the other day about how could some people, based on their combined income, afford the the homes they were purchasing. A mortgage company, by accident, faxed over a couple's income info. with the fax order, contract, ect. They were making around $65,000 gross together and purchasing a $225,000 home. 8O Could be almost anything, large downpayment, mother-in-law rent, etc. L/V was high also. Could the high L/V programs haunt the industry in the future. Just a thought.
 
A

Anonymous

Guest
I wonder if appraisers will avoid taking assignments in low income areas where mortgage defaults are common. I guess HUD will charge those appraisers with redlining.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
8O :lol: :roll:

Guess with all the REO's I do my results would be skewed, I'd be concerned if I could find em...

HUD has me filed someplace besides KS AGAIN :evil: So first I gotta get them to find me :wink: Oh the perils of being meeee.
 

Leon Stewart

Member
Joined
Jan 15, 2002
8O :lol: :roll:

Guess with all the REO's I do my results would be skewed, I'd be concerned if I could find em...

HUD has me filed someplace besides KS AGAIN :evil: So first I gotta get them to find me :wink: Oh the perils of being meeee.

These people a HUD don't have a Clue as to what going on in this business. I attended a Seminar last week where FNMA will increase lending in Low Income Areas, so I don't know how this will all play out as it relate to the HUD program.

If HUD gives the Appraisers in these low income Communities a high Default Rate the Lender will have to stop assigning them work, so these Appraisers will be eliminated whether it's HUD's doing or the Appraiser rejecting those assignments, it'll all end up the same way, no one will be doing appraisals in those low income communities, except for FNMA type loans. These peoples at HUD are 'triping".

leon
 
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