$250. Streamline refinances can be insured with or without an appraisal. Streamline refinances with an appraisal, the (VC) form is required, the Homebuyer Summary is not required. FHA does not require repairs (except for lead based paint repairs) on streamline refinances with appraisals, however the lender may require completion of repairs as a condition of the appraisal.
Additionally, FHA does not require an appraisal on streamline refinances, however, if the lender is required by law or banking regulations (e.g., FIRREA) or its investors to obtain an appraisal on a mortgage that will be processed as if no appraisal was made, the appraisal fee may be paid by the borrower out-of-pocket (i.e., not financed).
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FEES - APPRAISAL & INSPECTION
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Appraisal fees (Reference: HUD Handbook 4150.2 Section (1-2))
HUD no longer establishes fees or due dates.
The appraiser and lender will negotiate the price and due date, consistent with USPAP
guidelines. This includes fees for canceled assignments, missed appointments, etc.
Collection of unpaid fees are the responsibility of the appraiser.
Fee is paid for market value estimates based on HUD policy and procedure. Fees are never contingent upon the appraiser arriving at a minimum or specific valuation, an amount or within a predetermined range of values or loan approval.
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. All aspects of RESPA must be complied with. (While the owners/operators of such Appraisal Management firms may be licensed, the appraiser actually doing the appraisal must be licensed and on HUD’s Approved Roster. No “supervisory” appraisals. That is, the licensed/approved appraiser must visit the subject and all comparables and complete the appraisal analysis. Others may accompany this appraiser to assist with measuring and photo taking, but the Roster Appraiser must actually do the appraisal and sign it.) Appraisal trainees shall not sign on the appraisal report in any capacity.
Inspection and Mileage Fee . This is for both new construction and repair inspections. Inspection and mileage may differ within individual HOC jurisdictions.
203(k) Inspections. The fees for 203(k)s are outlined in HUD Handbook 4240.4 Rev-2 and Mortgagee Letter 95-40.
Copy Printed: REVISION I
02/16/024 Revision Effective: 05-30-00