Atlanta HOC Master Conditional Commitments and Master Appraisal Reports

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MAR PROCESSING RELATING TO CONDOMINIUMS:

LENDER MAR REQUESTS FOR CONDOMINIUMS:

LENDER SUBMITS: (All project types)

1) A written request for approval of a MAR, along with the name of the fee appraiser (including ID number) and the name of the fee inspector (including ID number).
2) The lender completes HUD Form 91322, blocks 1, 4-7, and checks the applicable boxes of the "Specific Commitment Conditions". The name and ID number of the fee inspector should be entered in "Specific Commitment Conditions" block(3).
3) In addition, the name and ID number of the appraiser is required.
4) Fill out page 2 listing lot/block, etc.

The HOC will process the request and block the case numbers. Upon the receipt of the case numbers, they will be forwarded to the lender. The underwriter must review the completed appraisal for acceptability and execute form HUD 91322 by signing block (9). The executed 91322, along with the URAR for each model (pilot case), must be forwarded to the HOC for activation.

NOTE: THE CASE NUMBERS CANNOT BE ACTIVATED UNTIL THE ABOVE INFORMATION IS PROVIDED TO THE HOC ALONG WITH THE APPRAISAL REPORTS. THE HOC STAFF INPUTS THE APPRAISED VALUE AND ACTIVATES THE CASE NUMBERS. NO LOANS CAN BE ENDORSED UNTIL CASE NUMBERS ARE ACTIVATED AND ALL CONDITIONS ARE CLEARED ON PENDING APPROVAL PROJECTS.

The remainder of the process is the same as with any other FHA loan. The lender is responsible for the input of all other appraisal data on each individual case.

ENDORSEMENT BINDER

PLANNED UNIT DEVELOPMENTS AND SUBDIVISIONS:

The lender must include:

1) An updated Master Appraisal Report (form HUD-91322 [front and back]; 91322.1; 91322.2 and 91322.3, dated 1/2003 with case number highlighted;
2) Builder’s Certification Site, Plans and Specifications (form HUD-92541, dated 4/2001);
3) Uniform Residential Appraisal Report for each type/model (Fannie Mae Form 1005 March 2005);
4) Warranty of Completion of Construction (form HUD-92544);
5) Soil Treatment (HUD-NPCA 99a/b);
6) Required Construction Inspections (form HUD 92051) see NOTE;
7) Certification of Occupancy;
8) 10-year Warranty for all MAR’s approved under construction or 100% complete.

CONDOMINIUMS:

The lender must include:
1) An updated Master Appraisal Report (form HUD-91322 [front and back]; 91322.1; 91322.2 and 91322.3, dated 1/2003 with case number highlighted;
2) Appendix’s C or D as applicable for proposed construction;
3) 10-year Warranty for all projects approved under construction or 100% complete;
4) Individual Condominium Unit Appraisal Report for each model/type (Fannie Mae Form 1073 March 2005);
5) Soil Treatment (HUD-NPCA 99a/b);
6) Required Construction Inspections (form HUD 92051) see Note;
7) Certification of Occupancy;
8) Owner-Occupancy letter [applicable for condominiums only].

NOTE: HUD Handbook 4115.3, chapter 4, paragraph 4-5, the Compliance Inspection Report for a final inspection, HUD Form 92051, is required on each unit. The final inspection is performed in accordance with HUD Handbook 4145.1. HUD 92051 is to be completed in accordance with HUD Handbook 4190.1 and the inspector is required to note the specific house type and all alternatives (modifications and/or upgrades) provided by the builder and that are shown on the 91322.1 and/or 91322.2. Escrow procedures for deferred on-site improvements are found in HUD Handbook 4145.1, Chapter 5. .

BUILDER RESPONSIBILITY: