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Meatloaf

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Reply with quote  #1 
This comment is from HUD as part of a Post End Technical Review.

The lender/client is requesting that I address it for HUD.


“ Property is located in a declining market. Comparable #4 closed within 3 months of the completion date and should have been placed as the 1st comparable."

Can someone please help me with wording a response that doesn't have the word dumbass in it?



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Chuck_Schick

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Reply with quote  #2 
Ask them for the HUD written direction for comparable sale placement.  Somehow, I seriously doubt there is directive from HUD referencing placement of comparable sales in relation to their respective sale date.
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Meatloaf

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Reply with quote  #3 
This was a point that HUD was using to deny insurance on a loan.  Fortunately the underwriter thought this was BS too and was thoughtful enough to speak with me about it.  He is going to kick it back to HUD and ask the exact same question you said.

Who are these morons that work for HUD?  HUD is attempting to deny insurance based on this..... That's insane.  Hell, even the amc checklist charlies know better than that.

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BillDing

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Reply with quote  #4 
Quote:
Originally Posted by Meatloaf
Can someone please help me with wording a response that doesn't have the word dumbass in it?

It would be misleading if it didn't.

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RubberStamp

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Reply with quote  #5 
So what is HUD wanting - conservatism for seasonality? I don't even push back anymore.  I cut and paste their comment.  Then I switch the order of the comps.  Then I completely destroy the request per comment in the report and specify greater weight on the others.  


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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #6 
Quote:
Originally Posted by RubberStamp
So what is HUD wanting - conservatism for seasonality? I don't even push back anymore.  I cut and paste their comment.  Then I switch the order of the comps.  Then I completely destroy the request per comment in the report and specify greater weight on the others.  



That makes you their b!tch.

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RubberStamp

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Reply with quote  #7 
Quote:
Originally Posted by Meatloaf


That makes you their b!tch.


Maybe but I've got better things to do than educate these people...

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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Quote:
Originally Posted by RubberStamp


Maybe but I've got better things to do than educate these people...


When you comply... you educate them.  You tell them that you are a b1tch and willing to do whatever they ask you to do.  When you buck, they listen.  Once a b!tch, always a b!tch.

If you will bend for anything, you will bend for everything.

But... I know... Its hard to say no when you thumb your nose at the 20% rule.

So are you an independent appraiser?  or a B!tch?

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RubberStamp

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Reply with quote  #9 
20% rule.
Ditch'em

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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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pnalley

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Reply with quote  #10 
tell them the comps are placed in the report in the order of importance. I do mine by mathematical weight. After that tell them NO. Do try to avoid calling them dumbass unless you want to fire them
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Meatloaf

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Reply with quote  #11 
I call them a dumbass and offered them a grand if they could point out that requirement in ANY handbook.

Request was cancelled.  Underwriter thanked me.

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Benjamin

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Reply with quote  #12 
One thing is for certain, this is NOT a request from HUD. It sounds more like an underwriter request and trying to blame it on HUD.

First, HUD does not conduct technical reviews of appraisals prior to insuring. Any technical review by HUD will occur after the loan has been insured.

Second, when HUD conducts a technical review of the appraisal, they will contact the appraiser directly via certified mail, not via the underwriter. 
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Meatloaf

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Reply with quote  #13 
This was from a HUD Post Endorsement Technical Review.  Its where HUD audits the lender's file and looks for crap to disqualify a loan for mortgage insurance.  This was direct from HUD.

HUD has a bunch of idiots working there.  I have a notice of appraisal deficiency from October to prove it.



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