NEWZ://FHA vs USPAP?/Coester sues VA Board/11 unusual homes
- August 13, 2015
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FHA to Host "A Live Webinar: The FHA Single Family Housing Policy Handbook In-Depth" Session
The SF Handbook "A Live Webinar" sessions are being offered at two different dates and times, and can be viewed right from your desktop. If you were unable to attend one of the live forums, these webinars provide you with the opportunity to hear from, and pose questions to, FHA subject matter experts. The webinars cover the SF Handbook structure and format, and the content of the following SF Handbook sections: - Doing Business with FHA - Lenders and Mortgagees;
- Origination through Post-Closing/Endorsement for Title II Forward Mortgages;
- Appraiser and Property Requirements for Title II Forward and Reverse Mortgages; and
- Quality Control, Oversight, and Compliance - Lenders and Mortgagees.
Dates and Log-In Information Mark your calendar and plan to log in to one of the following SF Handbook "A Live Webinar" sessions: - August 20, 2015, 9 AM - 12 PM (Eastern):
- Dial-in at (866) 233-3841, Access Code 366181. - August 25, 2015, 2 PM - 5 PM (Eastern):
- Dial-in at (800) 260-0712, Access Code 366184. Please plan to attend at a location that has both web and telephone capabilities. To see and hear the webinar, attendees must log in via the web link above, anddial in via telephone. Who Should Attend? Register to attend the session at the links above. Sessions are open to all interested stakeholders, but are geared primarily to individuals who have in-depth practical experience in using and applying FHA Single Family Housing policies on a regular basis within a mortgage lending context. The sessions will focus on FHA policy-specific insurance endorsement requirements applicable to: - Loan Processors, Underwriters, Production Managers, and Origination Staff;
- Quality Control Staff;
- Compliance Officers; and
- Other Stakeholders, including FHA Roster Appraisers and 203(k) Consultants.
Pre-Session Preparation You should thoroughly review the "A Live Webinar: The FHA Single Family Housing Policy Handbook In-Depth" session preparation package ahead of the session, and have access to this information during the session. The preparation package includes the full session agenda, the webinar presentation, and supplemental materials that will be used and referenced during the session. Quick Links Attention Chicago, Philadelphia, and Cypress Live Single Family Housing Policy Handbook Forum Attendees Many attendees of FHA's "A Live Dialogue: The Single Family Housing Policy Handbook In-Depth" live forums in Chicago, Philadelphia, or Cypress requested access to the session materials. These materials are now available online for you to download and share with your colleagues at the same link referenced above for FHA's upcoming "A Live Webinar" session. While the dates and some of the formatting may have changed from those you received during your session, the content is the same. Quick Links ===========================================================
11 of the Most Amazing and Unusual Homes You'll Ever See
Excerpt:
- 1. Glass House In Tokyo Called the "House NA," this glass house was designed by Sou Fujimoto Architects to let in a whole new level of natural light. Located on a populated street in Tokyo, Japan, the only thing this house is missing is some privacy. The 914 square foot home was built to be like a tree house with layers of living spaces built in throughout.
- 2. Waterfall Home. There was not enough land to build a full home on this parcel, and so the architect designed a house built into the active waterfall on site. Located on Bear Run in Pennsylvania, this home is truly remarkable.
Very interesting! Check out the description and fotos of all the homes at:
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Revised FHA Handbook 4000.1 effective 9/14/15
Lots of different opinions among appraisers and instructors!
Get the facts!!
What you need to know and which FHA documents you need to read!!
Read them and decide who is correct!
Available in my August paid newsletter
Many appraisers say they will quit doing FHA appraisals.
This means less competition for you!!
There is lots of confusion and mis-information about the changes. Some say there is too much required and others say there have not been many changes. What about attic, crawl space, and appliance inspections?
The author, Doug Smith, SRA, interviewed an FHA executive to find out what is really happening.
There are different FHA documents you need to read, not just Handbook 4000.1. It is very confusing, but Doug tells you what information you need and where to get it. He includes:
- Which guide to use for what, and links to the reference material, including FAQs, Webinars, and SF Housing Appraisal Report and Data Delivery Guide
- How to keep updated on changes
- Attic, crawl space, and appliance inspections
- Energy efficient items contributory value
- Highest and best use - when all 4 criteria are required
- FHA - UAD and Fannie guidelines
And lots more information.
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Facing AMC License Denial, Coester Sues Virginia Board
by Isaac Peck, Editor, WorkingRE
Excerpt:
Facing denial of its license to operate an appraisal management company (AMC) in the state of Virginia, the AMC Coester VMS has filed a lawsuit against the Virginia Real Estate Appraiser Board alleging that the Board is engaged in "a conspiracy to restrain and monopolize trade" and is operating in violation of federal antitrust laws.
The suit follows Virginia's recently passed AMC licensing laws, which set an August 18 deadline for applicants to obtain AMC licensure or cease operations in the state. The Board has issued dozens of AMC licenses but selected Coester for closer examination. On July 15, Coester attended an informal fact-finding conference and addressed several of the Board's concerns, including Coester's history of consent orders and settlement agreements in five other states, for alleged violations of state laws: Maryland, North Carolina, Tennessee, Louisiana, and Minnesota. The allegations against Coester in these states include: unlicensed AMC activity, false advertising, failure to pay appraisers on time, failure to pay customary and reasonable fees, failure to respond to requests within the time period specified, failure to submit biannual certification, as well as USPAP violations committed by Brian Coester himself.
Read lots more, and get links to the docouments at:
For lots more info on Coester, just google Coester AMC or brian coester appraiser
My comment: Looks like various state appraisal boards are looking closer at AMCs. Coester recently got into a tiff with the Louisiana State Board, which was resolved. I am so glad California has never had an appraisal board!! (Gov. Schwartzenegger wanted to cut costs back then.) Too many possible conflicts of interest... The issues seems to be mostly about fees. I am also not comfortable about appraisal state regulators regulating appraisal fees.
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FHA says no significant changes from previous requirements
My comment: I have heard from knowledgeable appraisers and instructors that there are few changes from the old handbook.
Recent posting by Coleen Morrison on a Facebook group
I heard back from my contact at HUD, and here is what she said: "Ms. Conde [the author of the article] (Ed note: see below) and I have had multiple conversations. FHA has not changed any of its requirements regarding the items that she discusses. If an FHA appraiser was compliant prior to September 14, the appraiser is going to be compliant after. The language has changed a bit, mostly for clarity and format, but the requirements are the same."
I have written back and asked specifically about their thoughts regarding the Competency Rule. I have been saying the same thing ... that nothing has really changed... but I never thought about the Competency Rule. It seems very contradictory when the HUD manual states the appraisal is not to be considered a home inspection;
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The handbook states: "FHA appraisals are not a guarantee that the property is free from defects. The appraisal establishes the value of the property for mortgage insurance purposes only. Buyers need to secure their own home inspections through the services of a qualified inspector and satisfy themselves about the condition of the property."
Adding the statement from the manual into your appraisals, and referencing Assumption and Limiting Condition #5 are 2 steps you can take to help protect yourself. I don't know how much of a fight we can have against HUD, so if you choose to do FHA appraisals, and you were not doing the extent of inspection which is very clear in the 4001 now, you will need to step it up; add what the HUD manual states above in big bold letters to your report; or choose not to do FHA appraisals. The ultimate choice is yours.
My comment: I quit doing FHA appraisals in 1988, after 2 years on the roster. Too many requirements as compared with conventional. Plus... our local property values had skyrocketed way above the FHA limits... not much work.
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FHA vs USPAP - Appraisers Caught in Catch 22
By Joanne Conde
Excerpts:
The new FHA Handbook will become effective on September 14, 2015. There has been much discussion of the implications of changing "should" to "must" in thousands of examples in the Handbook. As a Board member of the Arizona Association of Real Estate Appraisers as well as being on the FHA Roster, I have taken a good hard look at these requirements and then, it hit me as I was teaching the Uniform Standards of Professional Appraisal Practice (USPAP) which is the basis of appraisal standards for every appraiser in the United States. The FHA assignment conditions, whether under "should" to "must" force appraisers into a Catch 22 or turn down the FHA appraisal assignments. FHA is essentially making it a condition of employment that appraisers violate the Competency Rule. Why did I not see this before? I guess because the two never converged in my mind at the same time and I expect that is what has also happened to other appraisers.
It is an FHA assignment condition that appraisers make the following statement within the report: "The utilities were on and functioning at the time of inspection and the home meets 4150.2 & 4905.1 HUD Requirements," and "Other intended users[of the report] are HUD/FHA."
WHAT DO YOU THINK ABOUT THE TWO VERY, VERY DIFFERENT OPINIONS ABOVE? GO TO WWW.APPRAISALTODAYBLOG.COM AND POST YOUR COMMENTS OR READ OTHER APPRAISERS' COMMENTS
Click here to read more and read appraisers' comments
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HOW TO USE THE NUMBERS BELOW. Appraisals are ordered after the loan application. These numbers tell you the future for the next few weeks. For more information on how they are compiled, go
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Mortgage applications flat in latest MBA survey
August 12, 2015 The Market Composite Index, a measure of mortgage loan application volume, increased 0.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The Refinance Index increased 3 percent from the previous week to its highest level since May 2015. The seasonally adjusted Purchase Index decreased 4 percent from one week earlier. The unadjusted Purchase Index decreased 4 percent compared with the previous week and was 20 percent higher than the same week one year ago.
The refinance share of mortgage activity increased to 53.1 percent of total applications from 51.3 percent the previous week. This is the highest refinance share since April 2015. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 6.8 percent of total applications.
The FHA share of total applications decreased to 13.3 percent from 13.8 percent the week prior. The VA share of total applications increased to 11.3 percent from 10.5 percent the week prior. The USDA share of total applications decreased to 0.7 percent from 0.8 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) remained unchanged at 4.13 percent, with points decreasing to 0.31 from 0.34 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) remained unchanged at 4.08 percent, with points increasing to 0.34 from 0.27 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.94 percent from 3.96 percent, with points unchanged at 0.22 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.39 percent from 3.36 percent, with points increasing to 0.38 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.11 percent from 3.02 percent, with points decreasing to 0.32 from 0.43 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100
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