Chapter
1 Appraisal & Property Requirements Page
1-05 A:
Appraisal fees
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HUD no longer establishes fees or due dates. See: Mortgagee Letter
1997-22. |
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The
appraiser and lender will negotiate the price and due date. This includes fees
for canceled assignments, missed appointments, etc. Collection of unpaid fees
is the responsibility of the appraiser. The Department expects lenders to promptly
pay appraisers for work completed. |
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Fee
is paid for market value opinions based on HUD policy and procedure. Fees are
never contingent upon the appraiser arriving at a predetermined specific value,
a predetermined minimum value, a range or direction in value, a value that favors
the cause of any party, or the attainment of a specific result or occurrence of
a specific subsequent event such as loan approval. |
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Appraisal
Management Firms may charge the mortgagor a fee for the appraisal that may encompass
fees for services performed by the firm as well as fees for the appraisal itself.
However, the total of these fees is limited to the customary and reasonable fee
for an appraisal in the market area where the appraisal is performed. Compliance
with all aspects of RESPA is required While the owners/operators of such Appraisal
Management firms may be licensed, the appraiser actually performing the FHA appraisal
must be on HUD's approved Roster. No "supervisory" appraisals will be accepted.
That is, the assigned licensed/approved appraiser must visit the subject and all
comparable sales and complete the appraisal analysis. If any portion of the work
involves assistance from others, the appraiser must summarize the extent of that
assistance including providing the name (s) of those providing assistance. Appraisal
trainees are not eligible to perform nor sign a FHA appraisal report.
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B:
Inspection Fees
C: Appraisal Forms
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Mortgagee
Letter 2005-48, Revised Appendix D, Page D-1 provides instruction on the use
the four appraisal forms released by Fannie Mae in March of 2005. They are:
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Uniform Residential Appraisal Report (FNMA
1004) |
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Manufactured Home Appraisal Report (FNMA
1004C) |
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Individual Condominium Unit Appraisal Report (FNMA
1073) |
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Small Residential Income Property Appraisal Report (FNMA
1025) | |
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Use
of these forms is mandatory for all appraisals performed on or after January 1,
2006 | Please
see: HUD Handbook
4150.2 Section (1-2)
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