What Has Made You Go Wow!

[Dale Smalley]

Hey Lee Ann

I didn't review the loan docs just the fact that the appraiser marked the subject was not a MH and used typical single family homes as comps. I believe the additions were done in 97 and would never have guessed there was a MH embedded in the structure. I could not consider this as fraud (unless he knew) but as and Error or and Omission. The question is who is going to absorb the loss and isn't this exactly what E& O is for? I am going to be a good corporate SOB and pass the buck.

 

[Bill_FL]

This one made me go wow in a good way. It is by far my favorite house I have ever been in. It was not fancy, not huge, just really liked it.

It sits on top of a mountian in western NC. It is a Timberlake log home. 18" Michigan hand hewn logs. Living, dining, kitchen and master on the main level all have 50 mile views. LIving area has exposed timber ceilings. House was about 2500sf. Huge stone fireplace.

The house would not work well for me as backing the bass boat down the driveway into the garage would prove to be impossible, wife and daughter would hate being in the middle of nowhere, etc. But man I really liked that house. The home perfectly fit into its environment and was one of the best quality log homes I have ever been in.

 

[Farm Gal]

:rofl:

I can certainly understand THAT attitude...

Sometimes in reading these posts I don't think things alll the way through...

Error?! Oh YEAH

Ommission <_< ... hmmm yup that too.

Thanks for the response!

 

[Farm Gal]

whoops somehow this (or someting like it ) didn't get in
~~~~~~

Still it will be interesting to see how that one unfolds... The current value loss would be identified by a bright :idea: lawyer as being a far differnt matter than a true retroactive appraisal (as a properly identified "trouse") might show!!!

Current loss in value is probably significantly greater due to the Fannie announcement, than can be attributed to any loss due to the original
error/ommission!

I'd sure like to hear how this one winds up!

I bete the legal guys and gals have a blast arguing it out!

 

[David S. Roberson]

Lee Ann;

Tell me more about this 06/2002 announcement. Thankfully, I haven't done a trouse in a couple of years, but I need to know what's going on.

 

[Farm Gal]

David:

I think it is in there... I can't seem to pull up the "posted on the forum' applicable 4/1/2002 announcement.... so have sent it to you offweb

but...

effective that date Fannie Mae has decided that they will no longer make loans on ANY pre HUD certification property. If it was built on or prior to 6/14/76 you cannot get a Fannie funded loan on it.

Any home built after 6/15/76 has to have (or be able to be identified as having) HUD stickers to be funded...

Pre-76's are now Fannie-defined as 'mobile' regardless of style, quality or anything else. IF you have a structure which contains or is attached to one of these little tin cans, Fannie won't loan on it. Period. No recourse, end of subject (as near as I can tell).

AND I have yet to locate a local lender in my area (or nationally) who WILL fund purchase money for such a property. :blink:

So, since the typical 'trouse' does often contain an older what is now called a 'mobile' and since any property what came in on wheels MUST have the stickers and be post 6/15/76 it may become a serious funding issue! I was advised that missing one of these does really ugly things to your or your E&O or both pocketbook(s).

Feeling safe?

In most of MY coverage areas the 'build date' per the county is the date they pour the foundation on the new site... actual structure build date may vary... and if the thing is totally enclosed... who is to know, joe?

 

[Jo Ann Meyer Stratton]

Section 304 - Factory Built

Fannie Mae Guidelines that went into effect 6/30/2002

http://www.adfinet.com
you have to register but it is free

or

http://www.allregs.com/efnma/index.asp

or check the stickys in the manufactured home forum

 

[Jo Ann Meyer Stratton]

If you can't find the HUD label on the exterior, look for the data plate or compliance certificate somewhere inside. Look for the data plate anyway, because that has the date of manufacture, plant location, name of manufacturer and the serial number (which is not on the outside HUD label). It may or may not have the number for the HUD label. Can't find anything, ask the homeowner if you can seel whatever ownership documents they have for the manufactured home (constructed after June 15, 1976) or the mobile home (constructed prior to June 15, 1976).

 

[David S. Roberson]

So if you can find the HUD label, Fannie Mae will still accept a trouse. I do see the difficulty in locating that label in these cases, though. Thanks!

 

[Farm Gal]

Errrg - didn't mean to hijack the fun thread... :redface:

David:

Fannie will at this point.. still lend: IF the trouse is 'marketable' be very careful with that part....Hidden 'issues' can bite you.

Some lenders in-house criteria preclude lending on trouses regardless of year built ... it is always an issue. <_<