Help VA Appraisers.... Any experts in here that really know the handbook I need help

[alebrewer]

If you have ever hunted like squirrels or similar, you would know the animal will go up one tree and jump to another tree and the tree dog will smell where the animal went up but the animal has already jumped to another tree. You hunt squirrels in the winter with a dog. You can do it with leaves on, but more difficult. Still hunting is easier when leaves are on.

Hey Zoe, I think this post was meant for a hunting forum...

 

[Digger88]

https://www.occ.gov/static/enforcement-actions/eaAA-ENF-2024-96.pdf?fbclid=IwZXh0bgNhZW0CMTEAAR28ExGPKDbwnS6ttB_xagq4f73GSluxHPkjXIhccTInKA8GdeXF7AV-79Q_aem_lczwKtM6cmUxcmrcxmUJRw

Here's the summary

The document is a formal Consent Order issued by the Office of the Comptroller of the Currency (OCC) to USAA Federal Savings Bank in Phoenix, Arizona, with the reference number AANF-2024-96. Here’s a summary of its key points:
Background and Purpose:

• The OCC has identified ongoing unsafe or unsound practices by the Bank, including issues in management, earnings, information technology, consumer compliance, and internal audit, as well as violations of specific banking regulations.
• The Bank has been subject to previous consent orders (2019 and 2022), which this new order supersedes and terminates.

Key Provisions:

1. Jurisdiction and Findings:
   • The OCC asserts jurisdiction over the Bank as an insured depository institution and a federal savings association.
   • The Bank neither admits nor denies the OCC's findings of unsafe practices and regulatory violations.
2. Compliance Committee:
   • The Bank must establish a Compliance Committee to oversee adherence to the Order's provisions, with specific reporting requirements.
3. Action Plan:
   • The Bank is required to submit a detailed Action Plan within 90 days to address the deficiencies. This plan must include timelines, responsible personnel, and periodic review by internal audit.
4. Risk Governance Framework:
   • Implementation of a written Risk Governance Framework consistent with safety and soundness guidelines, including independent assessments and validations.
5. Compliance Risk Management:
   • Development of a program to manage compliance risks effectively, including policies for complaint management, issues resolution, and customer remediation.
6. Information Technology:
   • Establishment of an IT Risk Management Program with specific controls, policies, and an IT strategic plan.
7. Fraud Risk Management:
   • Implementation of a Fraud Risk Management Program to address both internal and external fraud risks.
8. Third-Party and Affiliate Risk Management:
   • Enhanced oversight for managing risks associated with third parties, affiliates, and shared services, including annual assessments and compliance with specific regulations.
9. New Products and Services:
   • The Bank must conduct risk evaluations before introducing new products or services or expanding membership criteria, with prior notification or approval from the OCC.
10. Compensation Matters:
    • Restrictions on incentive-based compensation to ensure it reflects risk outcomes, starting from April 1, 2025.
11. General Board Responsibilities:
    • The Board must ensure timely adoption, implementation, and adherence to all corrective actions outlined in the Order.

Waivers and Closing:

• The Bank waives several legal rights, including the right to a hearing, and this Order serves as a final cease-and-desist order. The OCC retains the right to initiate further actions if compliance is not maintained or if new issues arise.

This Order is effective upon issuance, with provisions for amendment or termination by the OCC, and emphasizes sustained effectiveness of the corrective measures.





compliance requirements
banking regulations
more concise

 

[Artemis Fowl]

"You do a small condo, maybe you don't need the questionnaire. But on a 5-7 phase, multi-acre massive project, I need the questionnaire."
You need a Master Deed IMO. Don't forget amendments.
Only need to print/save it once and you have it for every subsequent assignment.

 

[Zoe]

"You do a small condo, maybe you don't need the questionnaire. But on a 5-7 phase, multi-acre massive project, I need the questionnaire."
You need a Master Deed IMO. Don't forget amendments.
Only need to print/save it once and you have it for every subsequent assignment.

It is really not hard to get. If you can't get it, Your client will get it for you or their lawyer. Most likely the condo association will gladly provide to you.

You can get it. New developments are way more difficult than existing developments. But then you have much in your possession from other experts.

 

[Zoe]

HUD most likely would require it regardless if a HUD guaranteed condo development and HUD would give it to you. HUD would be your client.

Remember "mark to market" with HUD many years ago. HUD does rent subsidy on some developments. I am not sure I did a condo development for them but I may have. I did several multi-family development properties for them where HUD subsidized the rents.

 

[Zoe]

Got in a fight with USAA. They're my new favorite lender to hate. They actually told me to go pay for the Condo Questionnaire myself, rather than just coordinating with the agents/sellers.... WHY IS THIS SO EFFING DIFFICULT FOR LENDERS!??!?!?!!!!!

Anyway, USAA refused to provide the condo questionnaire on a VA Loan for a condo in a MASSIVE project. VA Rep told me Lenders are required to provide that to appraisers and if they refused, to leave the section blank. I couldn't leave it blank due to UAD requirements so I used E/Os in every section and described that the lender did not provide the data.


Now, I know the "Condo Questionnaire" is a FNMA thing. And VA does not require compliance with FNMA (even though we are required to use FNMA's forms). Does anyone know if at some point in the past the VA did require lenders to provide the condo questionnaire? Why does "everyone say" lenders are required to provide that to VA appraisers but I can't find the quote.

I'm almost wondering if it's something similar to the thing with manufactured homes.

Ie: 26-7 requires manufactured homes adhere to HUD guidelines (which are defined in the HUD Handbook 4000.1. The HUD Handbook requires if there are any physical attachments to the structure that it is inspected and confirmed the structural integrity wasn't compromised and foundation still complies with HUD guidelines. VA 26-7 doesn't specifically mention this requirement but it does have a catch all that says MH's must conform to HUD guidelines....

Is there something like that for condos? WHY THE F ARE WE REQUIRED TO FILL OUT THE DARN CONDO PROJECT SECTION IF WE CAN NEVER GET THE DATA?!?!?!?! I need a way to solve this. I'm getting way too many condo orders and with VA you can't just decline or reassign. What am I supposed to do when I can't get the data and lender refuses to supply?

Princess, listen to what VA tells you. USAA is a step child to VA. I would adopt a hundred children and would be offended if somebody told me they were my stepchild.

VA is your biological parent in that analogy.

Any frustrations you are having with USAA, share it with VA and they will guide you on the right path.

Don't go ballistic on USAA. No need to.

 

[1963Clipper]

To paraphrase Darth Vader, the disinformation is strong in this thread. First, the VA doesn't require the appraiser obtain a completed condo questionnaire, and certainly wouldn't require the appraiser pay for any needed information from the condo association. The VA, and the lender that ordered the appraisal, is only concerned with one thing - that the condo itself is approved by them. Everything else is superfluous. The Lender is responsible for confirming it's approved, and responsible for confirming the Association has complied or is in compliance with the condo requirements as dictated in CFR 36.4360a and in the VA Lenders Handbook. If you weren't provided with a questionnaire, the VA isn't demanding you cease work pending same. If you weren't provided with a questionnaire, all you need to do is disclose same in your report - neither the VA or the lender is concerned with missing (phases, unit, car spaces, owner occupancy, etc.) fields on your FNMA 1075. Again, all they're concerned with is VA approved or not.