Finally on the FHA List - Couple questions please

[Chris Compton]

Hi,

Now that I am on the FHA list I was curious about what other forms need to be in the URAR.
I have a couple copies from another appriaser,in one report she has a couple FHA forms an in the other she does not.

What is required.

Thanks

 

[Financially Feasible]

Hi,

Not that I am on the FHA list I was curious about what other forms need to be in the URAR.
I have a couple copies from another appriaser,in one report she has a couple FHA forms an in the other she does not.

What is required.

Thanks

Chris,

Have you read handbook 4150.2? If not, I would not even think of accepting an FHA appraisal request until you've read it. Also, read every mortgagee letter than has any reference to residential appraisals from HUD's website. Here is the link to the handbook:

http://www.HUD.gov/offices/adm/hudclips/handbooks/hsgh/4150.2/index.cfm

It's long... it's dry... it's boring... but it'll save your @$$ from getting the beat down from the good people at HUD and the FHA.

I, myself, do not do FHA appraisals... so I can't tell you what forms should/should not be included... but other Forum members will be along shortly to assist you with that question. If possible, I would seek out an FHA-approved appraiser and tag along for some inspections and talk to them personally about what is involved with an FHA appraisal. Just my .02.

 

[bart nathan]

watch all the webcasts on the HUD site.

 

[Chris Colston]

Have you downloaded, printed and read 4150.2 Appendix D and the updated mortgagee letters? Everything you need to know about attachments is in those documents.

 

[Michael Tipton]

FHA offers the following advise to new appraisers.

Congratulations! Once you have been listed on the roster, you may begin to conduct appraisals for FHA insured loans, but before you do, there are a few things you should know.

FHA Roster Appraisers must have in-depth knowledge of and remain up to date on policies and procedures for conducting FHA appraisals. Here are a few things you can do to assure you comply with FHA requirements:

• Review all policies and procedures in FHA's guidance and policy documents, which include handbooks, mortgagee letters, federal register notices and the Code of Federal Regulations. It is important to understand that policies and procedures in older handbooks are often updated and/or superceded by mortgagee letters or federal register notices. Be sure to always read the most recent guidance.
• Attend a training session. Members of FHA's Homeownership Centers (HOCs) and field staff throughout the country conduct training sessions for appraisers on an ongoing basis. Get the latest information on policies, procedures and training events by registering for the Single Family Housing Homeownership Reference Guide and signing up on the Single Family email list at
  http://www.HUD.gov/offices/hsg/sfh/ref/hsgrcont.cfm.
• Know where to call for help. All technical questions pertaining to appraisal policies and procedures are answered by Homeownership Center and/or field office staff throughout the country. To find the most appropriate person to assist you, contact the FHA Resource Center at 1-800-CALL-FHA or 1-800-225-5342 and request assistance from the HOC that has jurisdiction over the state in which you do business.

 

[Chris Compton]

Hi,


What I am looking for is in the report what other forms need to be present. I ask this as I have 2 copies of FHA appraisals from one appraiser.

One contains the following

For Your Protection Get a Home Inspection - form HUD-92564-CN
Notice to Homebuyer - form HUD-92564-HS

The other FHA appraisal does not contain these forms.
So I was asking what HUD forms need to be included in the FHA report.

Thanks for responding as well

chris

 

[Chris Colston]

For Your Protection Get a Home Inspection - form HUD-92564-CN
Notice to Homebuyer - form HUD-92564-HS

No longer needed.

 

[Mike Boyd]

For a standard appraisal, you don't need anything that would not be needed for a Fannie or Freddie report. However, the inspection process is a little different and more involved which might result in a slightly different write-up.

The structure of your report is different. First of all, your client MUST provide an FHA case number. That case number goes in the appropriate spot in the upper right hand corner of the report. There are other things, also....but no other documents.

 

[Chris Compton]

Hi,

The other docs was what I was looking for.
Since there are none my question is answered
Thanks to all for your replies.

Chris

 

[Don Clark]

Hi,

The other docs was what I was looking for.
Since there are none my question is answered
Thanks to all for your replies.

Chris

And now your ready? I don't think so. BTW, although the forms(they were called VC sheets) are no longer required, the information on them is still required to be checked. Please do the public a favor and at a minimum read Handbook 4150.2 and Mortgagee letter 2005-34.

Now that your application has been approved there are likely 49,999 more to go