• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Insurance

Status
Not open for further replies.

Wally Jones

Thread Starter
Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Okay, I'm slow. I admit it. Just read an item in 4150.2, page D-19 that I haven't been doing and before I'm hauled off to HUD jail want to see what all y'all are doing and if I'm gonna have any cellmates.

Under "Conditions of Appraisal", the protocol says I should be entering tax and insurance expenses. The same tax information I put on page one of the URAR? Insurance expenses - just ask the homeowner?

Okay. More coffee is needed. They may not have it in jail. Thanks.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Yep, I've been doing it all along. I doubt you'll go to FHA jail for not doing it. I just put in: $60+/-/mo. Ins; $95+/-/mo. Tax. estimated only.
 

Wally Jones

Thread Starter
Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Thanks, Pam. Three years doing FHA and just had the first lender ask about this information. Guess I'll spend some of my spare time going through the manual some more. Oh, wait......no spare time. :roll:
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I have not done that in years, use to have a little HUD tax and insurance table to estimate. As of 5+- years ago, it was my understanding that they no longer need an estimate from the appraiser, as they were using the actual tax & insurance cost. However, I do look up the actual taxed paid and report that amount.
 

Wally Jones

Thread Starter
Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Thank you, Mel. I've always included the actual taxes on page one of the URAR but I must have dozed off when they talked about the tax and insurance info to be put in the conditions of appraisal block. Now, if I could just remember who "they" were! As an experiement, I called my HOC and they said HUD doesn't really require it in that block anymore, but it's (you guessed it) up to the underwriter. Sigh. Now I'll have to be retrained.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Now I'll have to be retrained.

Unfortunately, your UW is the one that needs to be retrained. :roll: Sounds like they have not been updated in a looong time. :wink: I will see if I can track down that old chart somewhere, but I tossed my copy away when they said we don't need it no mo'. Or, you can just do like Pam and give some PFA number. 8)
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Or, you can just do like Pam and give some PFA number.

Hey, the tax amount is the actual latest taxes divided by 12.

I stand on the 5th regarding the insurance estimate.
 

Wally Jones

Thread Starter
Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Well, thanks again for all the help. I spoke to the "loan officer" for awhile about this request (and a few others) and found the key to success. "Our machine will just reject any report with unfilled blocks or blocks that don't conform to our accepted format." Oh. Now I feel better about supplying meaningful data. The "l.o." was really nice and tried to be helpful, but, as she said, "I'm just not sure what else to tell you since this is only my second week. Let me talk to the senior l.o., she's been here six months and knows everything."

Sigh. :roll:
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Hey, the tax amount is the actual latest taxes divided by 12.
Umm, sorry Pam, I didn't mean that the way it sounds on paper. :oops: But I understand completely what you are saying now. I don't remember where I got that silly tax and insurance chart, but it never seem to be reasonable. That is what the UW wanted, go figure.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Hasnt been a requirement for at least 3 years!
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks