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Where are the FHA Reviewers?

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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Years ago, virtually every FHA loan was reviewed and variation from the FHA way was unacceptable. This resulted in a uniform product for sure and lenders knew the rules.

Today, it seems the lenders haven't a clue what FHA was, or is supposed to be, and seem to ask appraisers to do things that are contrary to FHA.

Sooo. What is FHA doing about it? Seems that if they placed the same level of review on appraisers today, there would be a host of reports getting kicked back to the lender/appraiser.

But it seems FHA is accepting these errant reports and trucking right along....is that what you are seeing?
 

c w d

Senior Member
Joined
Oct 2, 2006
Professional Status
General Public
State
Florida
Terrel, I can't say that is the case. Honestly, I don't know what FHA is doing. I do know that one appraiser I know of has received no less than 2 certified letters from FHA about her appraisals. And was placed on probation. That was in 2006-2007. I don't know about today since they have lowered their requirements to be on the roster.
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
A refresher class I took, last November, the HUD rep stated they were some what behind on field reviews. At that time, they had just started 2006. The reviewers are out there, it's just that it is a big country and the audits are random.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
There was that FHA contrator in Ohio that was locating 'reviewers' for less than $150 each; at least I think that was the amount. HUD Field Reviews include interior inspections. I just don't even want to imagine the fools that would accept that kind of fee for reviews. Or was it skippy shops sending trainees or their teenagers to these then signing off as it they had done it all by themself. I could agree with public stocks for a month for those that participated.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
Call Roto-Router. Considering some of the players currently involved in FHA lending, they would be appropriate.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Lat summer when mortgage brokers from across the country starting calling Appraisers and GLEEFULLY PROCLAIMING...........

"FHA IS THE NEW SUBPRIME.........THE PARTY CONTINUES!!!"


they meant it.
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
A refresher class I took, last November, the HUD rep stated they were some what behind on field reviews. At that time, they had just started 2006. The reviewers are out there, it's just that it is a big country and the audits are random.

Since FHA loan volume has exploded in recent months, how are they going to ever catch up?

They can't be doing interior inspections on their field reviews if the loan closed 18 months ago.

I have seen a couple of FHA appraisals in the last month, where the appraiser just turned in a regular conventional appraisal, with none of the FHA requirements in the report other than the case number.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
I have seen a couple of FHA appraisals in the last month, where the appraiser just turned in a regular conventional appraisal, with none of the FHA requirements in the report other than the case number.

That is pretty much what it has come down to. I'm under the impression that the only thing required these days is a state lis#, a case # and a pulse.
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
That is why the VC sheets should come back, it becomes to easy to over look things if not familiar with them.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
That is why the VC sheets should come back, it becomes to easy to over look things if not familiar with them.

I will say with their jumbo loan program, most of the homes I have been appraising for FHA loans have been clean as a whistle so there is one upside. The days of peeling paint,smoke dectectors,handrails etc...seem to be behind us in my market.
 
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