I'm dealing with a partial release where the current property as a whole is 2 full lots within a subdivision, which is 2.32 acres total (each lot is 1.16 acres), with ALL the improvements but a small loafing shed on one lot. Owner is giving the lot with the small loafing shed to his son, which is cause for the release. The original order came in as a typical conventional partial release, ok, no problem, took care of it. A few months later they come back and tell me that it was actually supposed to be FHA, well, that's not what my order said, so I go back out and take more pictures and complete the FHA inspection...nothing has changed on the interior or exterior. I get back, change the few things that need to be changed, add the additional photos of the attic and submit...remember there were no issues with it when it was thought to be conventional. Additionally, the LTV ratio is well below what it needs to be for this to go through without issue as current owner has had the property for like 14 years.
Now HUD is beating me up on revisions that never would have been an issue if this was a conventional. They didn't like the way I calculated the land adjustment, they didn't like that I didn't grid out for the two different scenarios of "As Is" and "Subject To" and only stated the "As Is" value (which was the requirement of the original order), plus a whole host of other things. OK, I go through clean things up, answer all their ridiculous questions and resubmit the report thinking that I'm done now. NOPE!!! HUD continues to beat me up with revisions for something that was not even part of the original order, nor the FHA order. It is like they are bored and rewriting the rules as they go along to what this particular HUD Reviewer feels it should be interpreted as, which I spent an hour on the phone going over everything with her, yet she keeps sending it back for more. Did she just forget that some other question she had needed to be answered, even if it is erroneous???
So, now I'm on like my 4th revision or something like that because now they want an HBU for the parcel that is being released...HELLO, did I miss something here??? First I give you everything you want, then you ask for more, of which one request was the value for the parcel being release which has absolutely nothing to do with the order as it will not be retained as collateral to the Lender, nor was it part of the original order. That parcel should only be given value as part of the current "As Is" value. Now, they are coming back and asking me for the HBU for the proposed released parcel...again, not part of the original scope of work or order, conventional or FHA. I even have a statement in the report that states that the HBU is for the 2 separate scenarios, "As Is" and "Subject To", that the proposed parcel release has nothing to do with it. The lender seams ok with everything but for some reason HUD does not.
Anyone been dealing with a ridiculous HUD Reviewer or anything similar to what I'm being asked? Also, how do I politely tell her to stick it where the sun don't shine and that it's really none of her business as it was not part of the original order, nor effect the final outcome of the "Subject To" value, which is way higher than the original loan ever was?
