HUD work

[Doug in NC]

I'm hoping to increase my FHA work this year. Any ideas you used to get lenders to find you would be appreciated. I've thought about using the website of the guy who has posted often here, but I don't like the idea of having a bunch of comp checkers calling me. I rarely get comp check requests anymore, and I'd like to keep it that way. Much better for peace of mind. Thanks.

 

[TITAN1]

Doug: In my market, unfortunately the only ones getting what little work is out there are the comp checkers. I've been doing reverse mort. for a while and lost all the clients I had because they went to other appraisers who will do comp checks for them, so be it. I posted in another thread the other day the fact that I took another job for now. Don't know what the future brings, hopefully someday we can really do our job without a broker trying to hold your living over your head!!!

 

[Doug in NC]

I don't even understand why they need comp checks on a reverse mortgage. I would think with these loans involving retirees that there would be plenty of equity in place, so that "pre-comping" out the value would not be a concern. I suppose the higher the value and loan amount, the more potential commission for the loan officer.

 

[Thomas Fiehler]

Not so-I appraised a house last week for a reverse mortgage that the owners bought in 2005. It was FHA at that time so they likely did not have a lot of equity built up.