Ok...Did I do something wrong???

[pgerarde]

Finished my first FHA appraisal. :? Now I have a VERY mad broker wanting to do me in...

Got the assignment, saw the home, wrote the appraisal and submitted to the the broker/lender. Got one of those calls you really wished you had not answered.

This lender feels he has received an appraisal that he "can not use". It did not "MAKE" value. (Thank God I got a check from him before I released the appraisal....though he may still have time to "Stop Payment"
.

Since this is my first appraisal, I guess I am concerned about my understanding of FHA appraising.

I have understood that if I have received an assigned FHA case number that I am required to complete the appraisal and submit it to the lender. No matter what the lender is shooting for...valuewise. This lender is upset that I did not let him know that it would not give him what he wanted. (Which I did not know anyway until after I had gone to the property...)

What are you guys doing??? I thought that lenders who did FHA insured loans understood that once we were assigned, the appraisal had to be completed.... I thought this was to keep the lenders from "shopping" for the "right" appraiser!!!! Have I misunderstood or is this what I have to expect now that I have decided to appraise for FHA insured loans???

Thanks,
Patti in Chino Valley

 

[Larry Lyke]

Let the lender appeal the appraisal back to you with new information if they think it's not correct. Remember I did not say "because it's low."

Making value is always an issue because you are competing with those who always make value. The bigger companies are more guilty because you don't get big or stay big and keep feeding all those appraisers by not keeping your client happy. I see some outrageous stuff.

If the lender is unhappy, don't worry about it. If they want to do something about it, there is a process in place for them to get relief -- if they can.

 

[Tim Hicks (Texas)]

I believe you are only supposed to discuss the appraisal with the underwriter. Only the underwriter can ask you to re-consider your value and they must submit the sales they want you to consider through the underwriter. That is how I learned it. I hope it has not changed. Now, back to the real world. Of course you did something wrong. Every appraiser in the world notifies the lender and realtor that they can not hit the value so they can re-assign the appraisal to someone who will. At least, that is what they want you to believe. And, believe it or not, I know many loan companies and appraisers who operate this way. Is it right? No. Is that how I do it? No. However, for every one appraiser that does it the proper way, I bet there are a ten that do it the other way. They call it a "business decision". You don''t want to know what I call it.

 

[Larry Lyke]

Hey, Tim --

Don't go all squishy on me here.

Have you ever dealt with the UW as the sole rep of the lender. The LO is usually the messenger.

Nothing has changed that I know of, except FHA is going to fix all our problems once the DOJ and the SEC gets Marfa back on track.

 

[Pamela Crowley (Florida)]

pgerarde,

Call your HOC and tell them what's happening. They will put a 'note' in the file for that property and take a second look at that lender. As to the LO.... tell him/her to #@!%&^! You do NOT need clients like this. Fire them!

 

[David S. Roberson]

Patti;

You did everything right. Don't worry about it.

 

[pgerarde]

Larry, you said:

Have you ever dealt with the UW as the sole rep of the lender. The LO is usually the messenger.

I guess I am still confused. Are you saying that typically the loan officer is the one that passes on any information to me from the underwriter? Seems sort of....wrong!!??

The loan officers I have known all appear to be looking out for their commision/loan... not my license.

I would have to say that I would want any FHA info concerning my appraisal "direct from the underwriter". And I thought that was the way this worked.

Do you usually just talk with the loan officer about the appraisal and not interface with the underwriter???

Thanks for your input. And thank's to all you guys for your information. It is really appreciated.

Patti in Chino Valley

 

[Larry Lyke]

Patti --

Yes. I've only talked to an FHA underwriter once in the past 3 years. And that was from a packager a year after the loan closed, who wanted some information that he didn't need; according to me. Well, he went away and stayed away.

I'm also not saying it's not wrong. The LO can only get shut out if the UW wants her to be, becaue the LO is an way to carry out a mission without asking questions of the UW.

Yes, the LOs have their own "commission mission!"

"I would have to say that I would want any FHA info concerning my appraisal 'direct from the underwriter'". And I thought that was the way this worked." Patti, of course you're right, but trying posing that to the LO the next time she calls you.

I almost always end up talking to the Processor, who initiate the call to me, who is usually reading something from a Condition Sheet that the UW sent to her.

 

[pgerarde]

Ok Larry, I think I finally got it...I think.!! It is really not quite like I understood from reading all the FHA paperwork. (Sort of like when I first took all my appraisal classes...sometimes life is not like theory....) it sounds like I still have to interact with the lender more than I'd like. Doggone..I knew it sounded too good to be true :lol: :lol: .

Thanks again for the info.

Patti in Chino Valley

 

[Larry Lyke]

BEGIN QUOTE
"Ok Larry, I think I finally got it...I think.!! It is really not quite like I understood from reading all the FHA paperwork. (Sort of like when I first took all my appraisal classes...sometimes life is not like theory....) it sounds like I still have to interact with the lender more than I'd like. Doggone..I knew it sounded too good to be true ..."
END QUOTE

You are growing up, and fast. Your only shortcoming, same as the rest of us, is that you can't pull yourself up by the roots to see if you're growing! Best O'luck.