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fha appraiser in st charles mo: Borrowers Feel Hurt by New FHA Appraisal Requirements! - 01/30/09 09:34 PM
After talking to several mortgage professionals within the past few weeks, I am convinced that the result of the new appraisal requirements for cash out refinance transactions means less overall appraisal orders.
How can a new underwriting guideline that requires more appraisals cause less appraisal orders? Well now mortgage originators must either consider the cost of paying for two appraisals when accepting a high loan to value ratio cash out mortgage application or bill the borrower for two appraisal reports. That is expensive and a gamble with alot of money in fees. FHA appraisal fees are typically higher than the conventional … (3 comments)
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fha appraiser in st charles mo: FHA To Now Requires Second Appraisals for Many Cash Out Refinances! - 01/02/09 10:00 PM
THE 2055 FHA APPRAISAL REPORT (FOR SECOND APPRAISAL REPORTS!)
The FHA Appraisal is now required to be performed by two seperate appraisers on many cashout FHA refinances. While this could be a hardship to some borrowers as payment for such FHA appraisal reports can be expensive. Loans insured by FHA mortgage insurance that are cash out refinances now require two FHA seperate appraisals. A second appraisal may be performed on am 2055 appraisal form (FHA Driveby Appraisal)
This appears to be another step in HUD trying to keep the FHA mortgage process from falling into trouble. Overall this could be less risk for … (5 comments)
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fha appraiser in st charles mo: Can A Home Buyer Use a FHA Appraisal Instead of A Home Inspection? - 12/20/08 09:39 PM
I have wrote in the past about the detail of an FHA observation. The FHA appraisal process requires a detailed observation of mechanical systems, (My personal favorite is the reverse feature on an automatic garage door opener.) attic, crawl spaces, electric fixtures, plumbing fixtures, paint surfaces, wood surfaces, safety concerns, etc.. This observation is not meant to be and is not the same as an inspection of these same systems within the home.
We have a significant difference between the detailed inspection made by a Home Inspector and the observation of a FHA Appraiser. The FHA Appraiser has a purpose of determining an … (9 comments)
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fha appraiser in st charles mo: Have You Ever Been Blasted for Writing Your Blog Piece? - 12/18/08 03:13 PM
I wrote a blog earlier this week about FHA appraisals and what a mortgage originator should expect from the FHA appraiser. I thought I was informative and had nothing to upset anybody in this appraisal blog.
I get an email this morning from a home inspector blasting me for writing about ruthless and unpredictable home inspectors. I mentioned this one time as a way many originators view the FHA Appraiser. Attempting to dismiss the myth, I wrote what can be expected on the observation part of the FHA Appraisal Report.
My blog was FHA Property Guidelines Are Not Understood … (7 comments)
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fha appraiser in st charles mo: Should Fannie Mae & Freddie Mac have more money invested by the Federal Reserve? - 12/02/08 02:40 PM
At some point we need to understand what is proper Real Estate lending practice and what is not.
Ok Fannie Mae has asked for more money to make more Real Estate Loans. Great, on one condition! I have seen angry lawmakers scold these officials, however I have not seen a permanent solution to the beginning of the problem. I have seen a temporary change in the guard, however I have not seen permanent laws and regulations to keep another disaster from coming down later.
I am all for keeping these institutions. I think they are vital to our economic stablity. The only … (0 comments)
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fha appraiser in st charles mo: We Keep Trying to Stay Alive, One Day the Sun Will Shine. - 12/02/08 02:21 PM
This market has resulted in many Real Estate Professionals in Missouri leaving. Not just Salespeople, there are mortgage professionals, Appraisers, Surveryors, Abstractors and many others that have left the business to never come back. This is sad to see some of our friends that we made over the years leave us, however it is a great oppertunity to capture market share.
Each of these professionals had prior customers, contacts and friends that can no longer call on them. For those that can make the investment for future business, wow! Unfortunately, I am in a position of survival and digging my heels into … (0 comments)
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James Graner
Saint Charles,
MO
More about me…
Residential Services: http://appraisalmo.com
Address: 1245 Cunningham Ave, St Charles, MO, 63301
Office Phone: (636) 916-4325
Cell Phone: (314) 277-3336
Email Me
Things that I like to write about! This might include general real estate matters, sports, politics, mortgage business, or real estate appraisal.
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