1004D different client

[NJ Valuator]

Yes, I know. According to USPAP, if it is a different client, They DON'T have access to the original appraisal.

The original lender released the appraisal to the current lender. "Lender releases all rights, title and interest to the Appraisal on the above named property to .........."

 

[Tom D]

I just list what was corrected based on what was requested. I don't certify anything. It is always good to see the original appraisal. Lenders don't always match repairs up exactly sometimes.

Your not doing another appraisal, so seeing it is ok, you are just looking at repairs. It doesn't have to be released. Just handing you a copy is fine. You should reference it, previous report dated blah blah blah, done by blah blah blah.

You are over thinking what you have to do.

 

[sputnam]

Yes, I know. According to USPAP, if it is a different client, They DON'T have access to the original appraisal.

I said... The APPRAISER already has access to the original appraisal report..... because..... The OP did the appraisal.

In a situation where a different appraiser is being asked to do the completion certificate, if it were me, I'd require the Client to provide me with a copy of the original appraisal report. As I think I already said once in this thread.

 

[Sadie]

This has come up before as to if the 1004D is or isn’t a restricted report, requiring the original appraisal for “the user to understand the results”. My take; if the purpose of the 1004D is for completion (construction or repairs), it is ok because you can easily state what “problem to be solved” is. However, if they want it for recertification of the original value, they DO need access to the original appraisal and do NOT accept the assignment.

There will be separate forms for repair completion and for recert of value w/3.6. One (recert) requires a prior service comment. USPAP has addressed this. I think in the FAQs. Repair completion does not require a prior services statement but recert of value does.

 

[J Grant]

There will be separate forms for repair completion and for recert of value w/3.6. One (recert) requires a prior service comment. USPAP has addressed this. I think in the FAQs. Repair completion does not require a prior services statement but recert of value does.

I thought it was an update and no longer a recert of value?

 

[Sadie]

I thought it was an update and no longer a recert of value?

potato, potahto. You are right, I am old and forgot the correct term for it. Recert went away years ago, right?

 

[Tom4value]

I said... The APPRAISER already has access to the original appraisal report..... because..... The OP did the appraisal.

In a situation where a different appraiser is being asked to do the completion certificate, if it were me, I'd require the Client to provide me with a copy of the original appraisal report. As I think I already said once in this thread.

The OP did do the appraisal. It was the client that changed.

 

[sputnam]

The OP did do the appraisal. It was the client that changed.

Sure... that's not a problem. It's a new assignment for a different Client. Completely allowable.