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Mortgagee Letter 2017-06: Pace Obligation

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RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
This is a must read for all FHA roster appraisers.

https://portal.HUD.gov/hudportal/documents/huddoc?id=17-06ml.pdf
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I think it is interesting that 31 people have viewed this thread and no one has commented.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
I think it is interesting that 31 people have viewed this thread and no one has commented.

I just read it.
Sounds like PACE encumbered homes just went up a notch in complexity. I would consider that in my fee bids going forward (I'm FHA approved but don't really do them all that much anymore).

Glad you posted it; appraisers who actively complete FHA appraisals in markets where PACE loans exist (which they do in my markets) will hopefully get the word.

BTW, I didn't get this announcement (doesn't FHA typically email out announcements to the approved appraisers?) via email.
Did you get a notice or discovered this yourself?
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I get notices from HUD, but this was brought to my attention by a client.
 

Atlanta CG

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Reading all of that, I still do not know what a Pace Obligation is. Maybe it is not in Ga.
 

streetscenes

Freshman Member
Joined
Jul 13, 2006
Professional Status
Certified Residential Appraiser
State
California
Thanks for posting RSW. This goes in the category of "you learn something new every day." In all the years and the thousands of appraisals that have crossed my desk I've never seen a PACE obligation.

With prop 13 in CA I think the part about higher than average property taxes would be difficult to gage.
 
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