I'm trying to verify that a new regulation that mandates a land survey requirement for federally backed loans. If any of you'll know of this, can you please post a link.
Thanks a bunch
Other than possibly for HUD projects on commercial properties, I am not aware of any new federal requirement for land surveys on federally backed loans. There is a requirement for FEMA Flood Elevation Certificates on federally backed loans, I believe.
> I'm trying to verify that a new regulation that mandates a land survey requirement for federally backed loans. If any of you'll know of this, can you please post a link.
>
> Thanks a bunch
I am going to speculate that Bob has been told this by a Title Attorney who is insisting that Bob sign a particular certification because the certification is part of a new requirement. If that is the case Bob, demand the Attorney provide you proof. We often hear about cases just like this involving ACSM-ALTA surveys. In those cases it is little more than a smoke screen designed to get you to take on more liability without paying you for that. Just Say NO.
Larry P
>
> I am going to speculate that Bob has been told this by a Title Attorney who is insisting that Bob sign a particular certification because the certification is part of a new requirement. If that is the case Bob, demand the Attorney provide you proof. We often hear about cases just like this involving ACSM-ALTA surveys. In those cases it is little more than a smoke screen designed to get you to take on more liability without paying you for that. Just Say NO.
>
> Larry P
Larry,
Your assumption and speculation is way off the mark.
Mr. Port does not conduct ALTA surveys.
He is hoping that the hay days of mortgage surveys will return, due to some government mandate.
All I know of is HUD requirements for FHA loans, which have been updated and will take effect Sept 1.
http://www.d3g.biz/Media/FileContent/HUD-FHA-RESOURCES/PUBLIC/Mortgagee%20Letter%202011-21.pdf
The closest thing I've ever seen to a requirement for land surveys on mortgage transactions is a lender requirement that the "survey exception" be removed from title insurance. So, in a round about way, that is a requirement for a survey. But keep in mind, they leave it up to the title insurance company as to what is sufficent to remove the "survey exception". A few weeks ago I had a survey order cancelled because the seller found a 30 year old survey (and I could see from the aerials that decks and fences were added over the years since then ... )
So, if FHA, or HUD, or whoever, is requiring that the survey exception be removed, then I could see that being a boost for surveyors, but perhaps not in a "recording state". But, as far as I know, that decision is still left to the lenders.
The HUD certification at the bottom of the form seems to be in conflict with ALTA instructions.
>
> Your assumption and speculation is way off the mark.
> Mr. Port does not conduct ALTA surveys.
>
> He is hoping that the hay days of mortgage surveys will return, due to some government mandate.
You don't know me or the type of work I do.
I've done my share of everything, from Topos, Section breakdowns, lot surveys and yes, mortgage surveys.
A mortgage lender had informed me that FHA, HUD & VA is now requiring a survey under certain conditions and wanted to know if my work has picked up.
My research has been inconclusive and when I inquired to the 'requirement' from the mortgage lender that informed me of this, he was vague and had no hard details.
That is what triggered my question here. The requirement may only be valid under some conditions, such as certain dollar amount, new improvement built by the seller, no old survey in file or available, new construction, M&B's property, larger parcel, etc.
As of this date, I have no insight to this 'requirement' or who it may be that is requiring a survey. For all I know, it may not even be a federal entity that requires the survey, it could be the title company, or for that matter, it could be real estate contract and a mandate for the sale transaction.
Thanks Y'all