On HUD’s latest conference call (see NOTE below), it was stated that the primary role of an FHA Roster appraiser is to “Observe, Analyze and Report” what he/she encounters during their on-site visit to a property. There were a number of specific examples cited in which the HUD staff presenter indicated that the appraiser has effectively completed their assignment when…
You may know him better from the reality TV show on Bravo, “Real Housewives of New Jersey”, but Jim Marchese, a mortgage lender, is a real live whistle-blower. You can’t make this stuff up! Mr. Marchese blew the whistle not once but twice, on two different companies, and received substantial rewards to the tune of about $18 million (Whistle-blower). Read…
In a recent Blog Post, I discussed HUD/FHA’s plans to begin issuing eFindings Letters on April 27, 2015 in lieu of hard copy letters sent via the US Postal Service on all Post-Endorsement Technical Review cases rated “Unacceptable”. In this regard, HUD Headquarters staff conducted a Webinar on Tuesday, April 21, 2015 to discuss this new process as well as…
Have you heard about the one where the lender sues the government for false accusations? Who says you can’t fight city hall? One lender, Quicken Loans is fighting back against claims made by the DOJ (False Claims). Quicken, one of the nation’s largest originators of FHA insured loans, has decided it has had enough and isn’t going to take the…
On April 16, 2015, HUD/FHA Headquarters staff conducted an industry conference call to discuss the recently published new Section of the draft “Origination Through Post-Closing/Endorsement” Handbook (4000.1) dealing with Appraiser and Property Requirements. This Handbook will ultimately serve as a single reference point for FHA underwriting and appraisal policies & procedures and is targeted to be effective for all transactions…
FHA Will Soon Be Sending Out “eFindings Letters” HUD/FHA processes Post-Endorsement Technical Reviews (PETRs) on a certain percentage of loans that they insure. In this regard, whenever serious underwriting and/or appraisal deficiencies are observed and a case is rated “Unacceptable,” a Findings (or Deficiency) Letter is generated outlining the defects and requesting that the lender respond to each of the…
