I hate when they do the transfer thing!

[Scott R Marshall]

So here is the e-mail that was just sent to me:

Property Address: zzz Anywhere ST NW Albuquerque, NM 87114 Bernalillo

A warm hello, Scott R. Marshall

As you know the FHA Case # and Appraisal Report are good for 120 days to 6 months or up until closing whichever comes first. Quicken Loans is processing the Borrowers mortgage application and we will be closing the client’s loans by using the FHA Report that was completed recently. While we currently have your report, additional information is requested, as noted below. This FHA Transfer Process is verified as a FHA/Government transaction and per HUD GUIDELINES-Handbook HUD 4150.2: "A new appraisal cannot be requested by the new lender (Quicken Loans) if the term of the appraisal is still effective (six months for existing construction and 12 months for proposed construction)". The new lender must use the appraisal already completed if it is still effective. If additional information is required, we must contact the appraiser, send the appraiser a copy of the transfer of case # (attached) and ask that they assist us. For these reasons, set forth by the FHA Authority, a “Release Letter” is not required from original lender. The FHA CASE NO. is “property specific”. The Lender of whom the FHA Case No. is assigned to, may work with the Origination Appraiser, because the loan is being closed with your report. This also applies to One Reverse Mortgage, which is a Quicken Loans mortgage program, licensed and owned by Quicken Loans.

Please provide the additional information needed for HUD to insure the appraisal report as an FHA appraisal and attach the full report to this email as soon as possible. You may also call HUD should you have any questions or concerns of the validity of this request. 1-800-543-9378. The DE (direct endorsement) while under the umbrella of Quicken Loans, is authorized by FHA Authority per attached "Assignment" to submit this request, and who is responsible and accountable for this request, whereby HUD, a government entity, requires appraisers to comply. TSI Appraisal Services, is the AMC for Quicken Loans, is a Quicken Loans Company, and represents the Quicken Loans client for this FHA-HUD required order/request. Amended report can remain in previous lender's name, in lieu of 6 month FHA requirement allowing for "1" appraisal within a 6 month period.

ADDITIONAL INFORMATION REQUESTED by QUICKEN LOANS ‘DE’ (FHA direct endorsed) UNDERWRITER:

*Please comment on if the appraiser noticed any evidence that a business was being run out of the home. Thank you!

FEES: For fees associated with this assignment, please state your Fee for approval “prior” to completion of this new assignment.

Seems like an easy enough request and a comment about there being no business being run out of the house should be sufficient but I'm always conflicted by FHA's circumvention of USPAP in some of these cases and I'm wondering what my peers would do. That and any time someone bombards me with words I'm a bit leery of the whole thing.

 

[Don Clark]

So here is the e-mail that was just sent to me:

Property Address: zzz Anywhere ST NW Albuquerque, NM 87114 Bernalillo

A warm hello, Scott R. Marshall

As you know the FHA Case # and Appraisal Report are good for 120 days to 6 months or up until closing whichever comes first. Quicken Loans is processing the Borrowers mortgage application and we will be closing the client’s loans by using the FHA Report that was completed recently. While we currently have your report, additional information is requested, as noted below. This FHA Transfer Process is verified as a FHA/Government transaction and per HUD GUIDELINES-Handbook HUD 4150.2: "A new appraisal cannot be requested by the new lender (Quicken Loans) if the term of the appraisal is still effective (six months for existing construction and 12 months for proposed construction)". The new lender must use the appraisal already completed if it is still effective. If additional information is required, we must contact the appraiser, send the appraiser a copy of the transfer of case # (attached) and ask that they assist us. For these reasons, set forth by the FHA Authority, a “Release Letter” is not required from original lender. The FHA CASE NO. is “property specific”. The Lender of whom the FHA Case No. is assigned to, may work with the Origination Appraiser, because the loan is being closed with your report. This also applies to One Reverse Mortgage, which is a Quicken Loans mortgage program, licensed and owned by Quicken Loans.

Please provide the additional information needed for HUD to insure the appraisal report as an FHA appraisal and attach the full report to this email as soon as possible. You may also call HUD should you have any questions or concerns of the validity of this request. 1-800-543-9378. The DE (direct endorsement) while under the umbrella of Quicken Loans, is authorized by FHA Authority per attached "Assignment" to submit this request, and who is responsible and accountable for this request, whereby HUD, a government entity, requires appraisers to comply. TSI Appraisal Services, is the AMC for Quicken Loans, is a Quicken Loans Company, and represents the Quicken Loans client for this FHA-HUD required order/request. Amended report can remain in previous lender's name, in lieu of 6 month FHA requirement allowing for "1" appraisal within a 6 month period.

ADDITIONAL INFORMATION REQUESTED by QUICKEN LOANS ‘DE’ (FHA direct endorsed) UNDERWRITER:

*Please comment on if the appraiser noticed any evidence that a business was being run out of the home. Thank you!

FEES: For fees associated with this assignment, please state your Fee for approval “prior” to completion of this new assignment.

Seems like an easy enough request and a comment about there being no business being run out of the house should be sufficient but I'm always conflicted by FHA's circumvention of USPAP in some of these cases and I'm wondering what my peers would do. That and any time someone bombards me with words I'm a bit leery of the whole thing.

FHA does not require such information. This is a client requirement.

Since they have admitted it is a "New" assignment then I would advise the requestor that I will do a new assignment based on USPAP requirements, and my fee will be $............. for the new assignment. You can use the same case number. However, before I would do anything I would contact the FHA HOC and get their input after sending them a copy of the request.

 

[CANative]

Ask them who they think you are... Quicken Loans?

 

[Lee Lansford]

...



Property Address: Seems like an easy enough request and a comment about there being no business being run out of the house should be sufficient but I'm always conflicted by FHA's circumvention of USPAP in some of these cases and I'm wondering what my peers would do. ...

You can respond to a request from your CLIENT.

Put the ball back into the court of the party making the request to you.

 

[Mile High Trout]

Specifically, you need to 'fact check' this statement with the FHA help desk.

whereby HUD, a government entity, requires appraisers to comply

Let me guess: Service fee: $0

TSI is a bunch of bullies man. They do not say please enough.

You can walk if you want to, they'll find someone else. The specific question could be answered in a multitude of ways and they don't really need the appraiser for this one if you did not want to play their games.

Feel like taking on the liability for this guys run from home business?

You've appraised it once already, and that's that.

LEE, are you suggesting that you would contact client a back, and tell them what's going on? Also suggesting that client B may have come into this deal mid way and they should have a new appraisal assignment if they wanted additional service?

Wondered how you'd handle it specifically.

Also, OP, it is very clever the way they say you can leave the names, etc, etc. But specifically, the report was for client A, not client B. Although HUD portabiltiy allows use down the line, that does not give client B permission to request alterations to a report that is subsequently 'refreshed' by client b, and still has clients a name on that report? Does it? Inquiring minds want to know. I mean you'd be creating a document with todays date that mentions use for client a, but client a would never know about it. I'm not so sure about this approach.

But in all seriousness, these mega AMC enterprises can do what they want. If they broke the rules, FHA would probably change the rules to accommodate them. That's how it works.

 

[incognito]

I would accept the assignment, but not as an appraisal assignment (though I suspect that it would technically be a "valuation service". I would charge $75, and simply write a letter with your response, referencing the original appraisal report. Why create a whole new appraisal assignment when you are simply addressing a non-FHA, non appraisal related concern of the underwriter?

 

[Lee Lansford]

Specifically, you need to 'fact check' this statement with the FHA help desk.
...

LEE, are you suggesting that you would contact client a back, and tell them what's going on? Also suggesting that client B may have come into this deal mid way and they should have a new appraisal assignment if they wanted additional service?

...

I would inform the requestor that I will respond to requests from my client.

 

[Papoua Jose]

I've always interpreted the FHA appraisal portability legislation to mean Lender B can use Lender A's appraisal at face value to close a loan.

There is no obligation by the appraiser to do anything for Lender B.

 

[William K]

So here is the e-mail that was just sent to me:

Property Address: zzz Anywhere ST NW Albuquerque, NM 87114 Bernalillo

A warm hello, Scott R. Marshall

As you know the FHA Case # and Appraisal Report are good for 120 days to 6 months or up until closing whichever comes first. Quicken Loans is processing the Borrowers mortgage application and we will be closing the client’s loans by using the FHA Report that was completed recently. While we currently have your report, additional information is requested, as noted below. This FHA Transfer Process is verified as a FHA/Government transaction and per HUD GUIDELINES-Handbook HUD 4150.2: "A new appraisal cannot be requested by the new lender (Quicken Loans) if the term of the appraisal is still effective (six months for existing construction and 12 months for proposed construction)". The new lender must use the appraisal already completed if it is still effective. If additional information is required, we must contact the appraiser, send the appraiser a copy of the transfer of case # (attached) and ask that they assist us. For these reasons, set forth by the FHA Authority, a “Release Letter” is not required from original lender. The FHA CASE NO. is “property specific”. The Lender of whom the FHA Case No. is assigned to, may work with the Origination Appraiser, because the loan is being closed with your report. This also applies to One Reverse Mortgage, which is a Quicken Loans mortgage program, licensed and owned by Quicken Loans.

Please provide the additional information needed for HUD to insure the appraisal report as an FHA appraisal and attach the full report to this email as soon as possible. You may also call HUD should you have any questions or concerns of the validity of this request. 1-800-543-9378. The DE (direct endorsement) while under the umbrella of Quicken Loans, is authorized by FHA Authority per attached "Assignment" to submit this request, and who is responsible and accountable for this request, whereby HUD, a government entity, requires appraisers to comply. TSI Appraisal Services, is the AMC for Quicken Loans, is a Quicken Loans Company, and represents the Quicken Loans client for this FHA-HUD required order/request. Amended report can remain in previous lender's name, in lieu of 6 month FHA requirement allowing for "1" appraisal within a 6 month period.

ADDITIONAL INFORMATION REQUESTED by QUICKEN LOANS ‘DE’ (FHA direct endorsed) UNDERWRITER:

*Please comment on if the appraiser noticed any evidence that a business was being run out of the home. Thank you!

FEES: For fees associated with this assignment, please state your Fee for approval “prior” to completion of this new assignment.

Seems like an easy enough request and a comment about there being no business being run out of the house should be sufficient but I'm always conflicted by FHA's circumvention of USPAP in some of these cases and I'm wondering what my peers would do. That and any time someone bombards me with words I'm a bit leery of the whole thing.

Hello,
The request for additional commentary is not required per HUD handbook 4150.2 but is rather a lender specific guideline request. Since you are not my client I will not agree to the additional scope of work you are requesting.
As to sending / emailing a copy of the full report, you have previously stated you have a copy of the report already therefor an additional one from myself is unnecessary.

Sincerely
The Appraiser

 

[Terrel L. Shields]

Hello,
The request for additional commentary is not required per HUD handbook 4150.2 but is rather a lender specific guideline request. Since you are not my client I will not agree to the additional scope of work you are requesting.
As to sending / emailing a copy of the full report, you have previously stated you have a copy of the report already therefor an additional one from myself is unnecessary.

Sincerely
The Appraiser

U is so mean... I prefer sending a fake vacation message saying... "We are out of the office for the following few weeks while we vacation on a remote island in the Pacific. We will answer all email in order when we return March 12th...."