1. Welcome to AppraisersForum.com, the premiere online community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

borrower that is requesting a copy!

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by SunbeltAppraisals, Feb 10, 2009.

Thread Status:
Not open for further replies.
  1. SunbeltAppraisals

    SunbeltAppraisals Sophomore Member

    0
    Aug 29, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I have a borrower that is requesting a copy of an FHA appraisal completed on his home. He switched lenders and now the new lender needs an appraisal.

    How should I proceed??

    Should I release the appraisal?
     
  2. William K

    William K Senior Member

    0
    Sep 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    No, tell them their new lender needs to contact the old lender, and if their new lender doesn't know this information they should find a new lender who knows what they are doing.m2:
     
  3. Michael Tipton

    Michael Tipton Senior Member

    0
    Sep 25, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    What release? Suggest the owner provide "their new lender" a copy of the attached document for how to proceed with a FHA lender transfer.
     

    Attached Files:

  4. Jerry Bone Jr

    Jerry Bone Jr Senior Member

    0
    Feb 23, 2004
    Professional Status:
    Licensed Appraiser
    State:
    Oregon
    Simply explain that you can not provide a copy to anyone other that the original client, because the original client is the owner of the report. Continue explaining that you can do a new appraisal for the new lender (at a reduced fee?).
    There is no rule that prohibits you from doing a new appraisal. There is no rule that prohibits you from putting an FHA case # on the new appraisal.
    I would charge $100 less than the first appraisal, depending on the new SOW.
     
  5. William K

    William K Senior Member

    0
    Sep 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    This is incorrect. m2:
    An FHA appraisal is Good for 6 months and stays with the property , not the Borrower. The new lender needs to request it along with the transfer of the case number from the lender it is assigned to in HUDs system.

    You are not allowed to transfer it or appraise it for another lender and put their name on it with the case number!:nono:
     
  6. Walter Kirk

    Walter Kirk Senior Member

    9
    Jun 24, 2003
    Professional Status:
    Licensed Appraiser
    State:
    New Jersey
    As with any appraisal report, FHA reports can only be provided to the client.
     
  7. Jerry Bone Jr

    Jerry Bone Jr Senior Member

    0
    Feb 23, 2004
    Professional Status:
    Licensed Appraiser
    State:
    Oregon
    Challenge: if you think it's incorrect, I'd like to see you quote the rule. Please don't confuse lender rules with appraiser rules. Don't spend too much time on the issue, as you will not find a rule that prohibits an appraiser from doing a new appraisal or that prohibits an appraiser from putting an FHA case number on a report. :new_rainfro:
     
  8. TC

    TC Elite Member

    2
    Jan 31, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Mr. Bone, I believe you are wrong, I can't quote chapter and verse, but some on this forum can and no doubt will be along soon.

    TC
     
  9. ghrousseau

    ghrousseau Member

    0
    May 5, 2006
    Professional Status:
    Licensed Appraiser
    State:
    Virginia
    Sunbelt,

    Michael is correct. I work for a lender and we just fax a copy of the case number assignment showing the FHA case number has been transferred to our company. The appraiser provides us a copy of the appraisal report, but the prior lender stays as the client on the report. The borrower should not be involved in any way except relaying this information to the new lender. I would not release the report unless they fax you a copy of the case number assignment from FHA connection.
     
  10. leelansford

    leelansford Elite Member

    24
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois

    #1: You don't "release the appraisal" to anyone other than your client and others directed by your client.

    #2: If the homeowner's "new" lender is wants to use the appraisal for a FHA loan, the first client should assign the appraisal to the 2nd lender BUT you are NOT involved in this process.

    What else?
     
Thread Status:
Not open for further replies.

Share This Page