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Can an appraisal be re-assigned?

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by zellin, Oct 17, 2007.

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  1. zellin

    zellin New Member

    0
    Jun 7, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Here's my problem...I did an appraisal for a refi for bankkruptcy. For whatever reason the homeowner did not get the financing and they decided to work with another lender to try and save their home. The new lender wants to use the original appraisal and wants me to remove the old lender's name and replace it with theirs on the report. I should also mention that the report was done in July and the new lender called me 2 days ago. Now, something is telling me that this is not acceptable, legal, ethical, etc.

    My question is can the original report be put into a new lender's name without a reinspection????? Any advice is greatly appreciated!!!
     
  2. farmguy

    farmguy Member

    0
    Jun 27, 2007
    Professional Status:
    Banking/Mortgage Industry
    State:
    Texas
    The way I understand it if the first lender is a firea bank and the second is a firea bank they can use your report without you doing anything.
     
  3. Tony V

    Tony V Elite Member

    5
    Mar 29, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
  4. zellin

    zellin New Member

    0
    Jun 7, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Thanks farmguy! The first client was actually a mortgage broker and the second is the same. It just doesn't seem right that after 3 months I can just change the lender/client names on the appraisal and resend it.
     
  5. farmguy

    farmguy Member

    0
    Jun 27, 2007
    Professional Status:
    Banking/Mortgage Industry
    State:
    Texas
    Mortgage broker not bank, different story.
     
  6. zellin

    zellin New Member

    0
    Jun 7, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Thanks Tony and farmguy!!!! I appreciate the helpful info.
     
  7. Mike Kennedy

    Mike Kennedy Elite Member

    28
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    JANUARY 2006 USPAP Q&A

    Readdress or Transfer
    Question:​
    Is it acceptable to readdress or transfer a completed appraisal report?​
    Response:
    No. Once a report has been prepared for a named client or clients, the appraiser cannot ‘readdress’ (transfer) the report to another party. Simply changing the client name on the report cannot change or replace the original appraiser-client relationship. Therefore, this action is misleading.

    However, you can consider the request as a new assignment. In so doing, you may establish a new appraiser-client relationship and appraise the property for this new client.​

    USPAP Q&A Page 2
    Vol. 8, No. 1 January 2006​
    Additional information can be found in Advisory Opinion 26, ​
    Readdressing
    (Transferring) a Report to Another Party
    . Important considerations, such as the handling of confidential information and other factors, are addressed in Advisory Opinion 27,

    Appraising the Same Property for a New Client.

    http://www.appraisalfoundation.org/s_appraisal/bin.asp?CID=12&DID=980&DOC=FILE.PDF
     
  8. leelansford

    leelansford Elite Member

    15
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    "Can an appraisal be re-assigned?"

    Hmmmmm! This is a new one! Let me do some research and get back to you.
     
  9. leelansford

    leelansford Elite Member

    15
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Zellin, I hope that you are thick-skinned because the responses thus far have been very gentle...and I sense a change coming.

    Lee
     
  10. leelansford

    leelansford Elite Member

    15
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    As one of the instructors in my AQB Certified Instructors Course (he, a man of some prominance within the appraiser profession) said to the students in an USPAP Update class he taught:

    "How many of you think that the USPAP is difficult to understand?" Most of the students agreed that the USPAP is difficult to understand!

    Next question: "How many of you have read the USPAP?" Well...I suspect you know how most of the students in the class answered this question.

    And people wonder why so many appraisers can't abide by the USPAP. I think that I may have stumbled upon the answer.
     
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