U/W stips

[David Sawyer]

Received a stip from MB on WF loan. SOW stated..an appraisal should be obtained from an FHA approved appraiser as the appraiser will have to certify on the appraisal that the property meets HUD minimum property standards.

I did the report initially "subject to repair" due to someone stole the air handler. Did reinspection after replacement completed but forgot to mention what the SOW requirred on the report after I did the reinspection report.

Received stip from U/W, who states, "appraisal must b e completed by designated FHA roster appraiser and state that the appraisal was prepared in accordance with the HUD handbook 4905.1 and 4150.2 or a separate home inspection report prepared by a qualified home inspectior may be obtained"

After reading the FHA handbook for the cited references, I have a problem with this! Help, am I wrong? I am on the FHA roster!

 

[stefan olafson]

When you sign the report, as a designated FHA roster appraiser you are by reference insuring the appraisal was prepared correctly????

I think.

 

[Marcia Langley]

Received a stip from MB on WF loan. SOW stated..an appraisal should be obtained from an FHA approved appraiser as the appraiser will have to certify on the appraisal that the property meets HUD minimum property standards.

I did the report initially "subject to repair" due to someone stole the air handler. Did reinspection after replacement completed but forgot to mention what the SOW requirred on the report after I did the reinspection report.

Received stip from U/W, who states, "appraisal must b e completed by designated FHA roster appraiser and state that the appraisal was prepared in accordance with the HUD handbook 4905.1 and 4150.2 or a separate home inspection report prepared by a qualified home inspectior may be obtained"

After reading the FHA handbook for the cited references, I have a problem with this! Help, am I wrong? I am on the FHA roster!

I wonder if they are trying to ask you whether you are also qualified as a home inspector. If not, this doesn't make sense to me.

4150.2 is for appraisers.

 

[David Sawyer]

I do not have a problem stating, Subject property meets minimum HUD standards, similar to any FHA appraisal. But I do have a problem with the particular cited HUD standards. One further note, subject is constructed on a slab which is typical in the area.

 

[David Sawyer]

Marcia,
Bingo! Yes, 4150.2 is for appraisals. It the 4905.1 I have a problem with!

 

[timd354]

I have seen that request from some lenders and it is perfectly okay. The HUD Handbook 4905.1 just deals with minimum property standards for 1-4 unit properties and appraisers are expectd to know these standards...the property standards listed here are found in chapter 2, which is only 5 pages long and very simple to understand....I have attached a copy. We are all familiar with the HUD Handbook 4150.2.

The following statement will work for thse lenders:

"This appraisal was prepared in accordance with HUD/FHA Handbook 4150.2 and HUD/FHA handbook 4905.1"

It is not a big deal and certainly not worth fighting over.

 

[timd354]

Marcia,
Bingo! Yes, 4150.2 is for appraisals. It the 4905.1 I have a problem with!

What part of the 4905.1 do you have a problem with? It is very basic and contains nothing that should be a problem for any appraiser. If I am incorrect about this, please point out what section of the 4905.1 should be of concern to an appraiser.

 

[OSU Beavers]

Are they asking for a final CIR Compliance Inspection Report?

 

[David Sawyer]

I have seen that request from some lenders and it is perfectly okay. The HUD Handbook 4905.1 just deals with minimum property standards for 1-4 unit properties and appraisers are expectd to know these standards...the property standards listed here are found in chapter 2, which is only 5 pages long and very simple to understand....I have attached a copy. We are all familiar with the HUD Handbook 4150.2.

The following statement will work for thse lenders:

"This appraisal was prepared in accordance with HUD/FHA Handbook 4150.2 and HUD/FHA handbook 4905.1"

It is not a big deal and certainly not worth fighting over.

Very good! Thanks

 

[RSW]

I have seen that request from some lenders and it is perfectly okay. The HUD Handbook 4905.1 just deals with minimum property standards for 1-4 unit properties and appraisers are expectd to know these standards...the property standards listed here are found in chapter 2, which is only 5 pages long and very simple to understand....I have attached a copy. We are all familiar with the HUD Handbook 4150.2.

The following statement will work for thse lenders:

"This appraisal was prepared in accordance with HUD/FHA Handbook 4150.2 and HUD/FHA handbook 4905.1"

It is not a big deal and certainly not worth fighting over.

I have a copy of the 4905.1 and I have read it several times. I don't think there is anything in it that an appraiser should worry about.