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Meatloaf

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Reply with quote  #1 
I did an FHA assignment.  The lender wants me to remove FHA verbiage and case number so they can close as a conventional.  I told them it wasn't necessary to do so but as usual they are being stupid.

I know that adding an intended user is considered a new assignment.  But is it considered a new assignment per uspap if I remove an intended user?

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Bobby

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Reply with quote  #2 
If you remove the intended user, who is the user now?  
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johnmbryant

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Reply with quote  #3 
The intended user is determined at the time the appraisal is ordered.  You may not remove an intended user.  So, it is a new report.

This is emphasized in the current 7-hour USPAP Update Course.
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BillDing

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Reply with quote  #4 
What John said! Tell them to order a new appraisal. FHA is a different SOW.
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Meatloaf

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Bobby - The intended user states the "lender/client and FHA".  the client wants me to remove the "fha" and the case number.  I told them it didn't matter as they could use the report as-is for a conventional loan.  They are being stupid.  Just wanted to make sure I was right before I told them to order a new assignment.

Here is the crazy part.  I did an appraisal for this same client about two months ago for FHA.  They then ordered a new fha appraisal with a new case number.  While at the property, I get a call wanting a bid on the exact same property from a different AMC for the same client.

Sounds like I got three different levels of stupid I am dealing with.




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Bobby

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Reply with quote  #6 
Quote:
Originally Posted by Meatloaf
Bobby - The intended user states the "lender/client and FHA".  the client wants me to remove the "fha" and the case number.  I told them it didn't matter as they could use the report as-is for a conventional loan.  They are being stupid.  Just wanted to make sure I was right before I told them to order a new assignment.

Here is the crazy part.  I did an appraisal for this same client about two months ago for FHA.  They then ordered a new fha appraisal with a new case number.  While at the property, I get a call wanting a bid on the exact same property from a different AMC for the same client.

Sounds like I got three different levels of stupid I am dealing with.





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Meatloaf

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Reply with quote  #7 
I got a message from the lender asking how the new engagement letter needs to be written.

I'm going to call him and tell him I don't really give a damn as long as the numbers $400 is on it somewhere.

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RubberStamp

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Reply with quote  #8 
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The intended user is determined at the time the appraisal is ordered.  You may not remove an intended user.  So, it is a new report.

This is emphasized in the current 7-hour USPAP Update Course.


If this is in the current USPAP update course what the heck is going on out there.  How can USPAP stand in the way of common practice as the conversion of FHA to Conv and visa versa is so common across all lenders and all AMC's without a blink that they are breaching USPAP.  As can be seen by the confusion when Jody asked for a new order. 

The problem with a new order Jody is now I'm pretty sure that your date of inspection should be post the order date unless you get a special retrospective order, no?  Meaning you have to reinspect the property.   They do not want an entirely new report.  Sometimes if you went that route a sale may have expired..  meaning much more work and cost.

I think its time to do away with USPAP.  It is so antiquated it continues to suffer trying to make itself relevant and it can't keep up.
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Meatloaf

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Reply with quote  #9 
RS.

I got this in an email from mckissock this morning.  I think it may clarify the confusion you seem to have regarding effective date and inspection date.

Basically, you can have an effective date prior to the case number assignment date so long as you did an FHA inspection.  If you didn't do an FHA inspection, then new effective date is required.

http://blog.mckissock.com/hud-issues-september-2016-revisions-to-handbook-4000.1?utm_campaign=APP+ContentProfDev&utm_source=hs_email&utm_medium=email&utm_content=36211483&_hsenc=p2ANqtz-9cEVOLVyjXMNQUFe9Dajh3x-yTZlyiINXgB8higqOZA6sQKjzrIY6SmeNZK42ra0SDEcRnCE71AyfZf35uFt9ZBarzXw&_hsmi=36211483

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johnmbryant

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Reply with quote  #10 
McKissock has it right.  Thanks for the post, Meatloaf.
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