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Who is the D.E.U.

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ZZGAMAZZ

Thread Starter
Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
Are specific U/W's certified to review FHA appraisals?

Also, is a "mortgage banker" the same entity as a "direct lender" and if so does that typically mean that they have in-house U/W's who review all appraisal reports including FHA appraisals?

(just trying to figure out how the system works...)
 

William K

Senior Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
DEU= Direct Endorsement Underwriter. They underwrite FHA loans for Direct Endorsement Approved lenders, including Mortgage Bankers. They review the appraisal for reporting in accordance with FHA guidelines. They do take classes and must be approved by FHA.
 

ZZGAMAZZ

Thread Starter
Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
WK: Just wondering, do appraisers ever aspire to become underwriters? From what I'm told, underwriter's have varying levels of knowledge. Is underwriting a "professional" position with significant responsibility? One thing that confused me about the entire appraisal profession is the fact that bad appraisals, e.g., inflated values or factual errors, would get caught in underwriting to the extent that "bad" appraisers eventually would be weeded out of the industry; however this doesn't appear to be the case. Also, would an underwriter who imposed overly critical standards cost his or her employer business to the extent that the u/w's job might be in jepordy. (lots of loosely related questions on my part but i'm just trying to understand the mortgage system and really appreciate your insight...)
 
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David B

Junior Member
Joined
May 15, 2006
Professional Status
Certified Residential Appraiser
State
Maryland
1. Rarely, if ever
2.Yes
3.Correct.
4.Yes
 
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