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Changing Name of Borrower

Discussion in 'Urgent - Help Needed' started by Ken Lemoine, Jun 4, 2007.

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  1. Ken Lemoine

    Ken Lemoine Sophomore Member

    0
    Feb 26, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    I completed an appraisal for a purchase of a condominium. For whatever reason, the borrower is no longer pursuing the purchase of the condo. A new borrower is now involved and my client wants me to change the name from the old borrower to the new borrower.

    I've looked thru USPAP and talked to several local appraisers, but I can not seem to get a solid answer as to whether or not we can change the name of the borrower. My understanding is that the appraisal is a legal document and as such, it can not be changed.

    Can we change the name of the borrower at the request of the client?
     
  2. Rick Neighbors

    Rick Neighbors Senior Member

    0
    Jan 19, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    Old question

    Check the archives for many answers to this question.

    New lender......new request.

    What you charge is your business, but careful you don't set a precedent that comes back to bite you.

    Rick
     
  3. Ken Lemoine

    Ken Lemoine Sophomore Member

    0
    Feb 26, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    But it is not a new lender. It is the same lender, just a new borrower/buyer. I looked at the archives and did not see anything on this subject.
     
  4. TEL2002

    TEL2002 Elite Member

    2
    Jan 16, 2002
    Professional Status:
    Retired Appraiser
    State:
    Louisiana
    Tell them to order a new appraisal.

    Give them a discount if you think it is merited.

    Go back through the condo again...make sure it is still what it was.

    Search for any new sales that have occurred since your last data search.

    You will also need to see the new contract.
     
  5. Pamela Crowley (Florida)

    Pamela Crowley (Florida) Elite Member

    3
    Jan 13, 2002
    Professional Status:
    Retired Appraiser
    State:
    Florida
    NO, you cannot just change anything.

    Take a good look at the effective date of the appraisal.
    WHO was the borrower as of that date?

    What you MUST do is a NEW appraisal. You have a different borrower, different contract date, and unless you, that mortgage broker client, and everybody else involved want to get stipped to death and the file fully audited, you will visit the property again, have a whole different USPAP compliant workfile, find out if there are any new sales, listings, etc., and complete a whole new appraisal and report with a separate new USPAP compliant workfile and all of the liability that goes with that.

    You can discount the fee as you wish, but please, for the good of all appraisers, make it worth the time, effort and liability you have.
     
  6. Ken Lemoine

    Ken Lemoine Sophomore Member

    0
    Feb 26, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    That was my stance from the beginning. But it seems that some of the local appraisers do not agree.

    I am going to stand firm on this. I expect to hear from the client in two hours. I told them this once before and they were appalled at my response saying it was just a way for me to make more money. I told him that I make my money selling information, not forging illegal documents.
     
  7. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    13
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    You could even do it for free....wouldn't that be brilliant!
     
  8. Ken Lemoine

    Ken Lemoine Sophomore Member

    0
    Feb 26, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    I hate to start that trend. Afterall, appraisers have been getting the same fee for the past 20 years. As home prices keep increasing, agents, banks, brokers etc keep making more and more while we continue to do more work for the same pay.

    Work for free? I don't think so. Not until I start seeing everyone doing work for free.
     
  9. Lawrence R.

    Lawrence R. Senior Member

    0
    Mar 27, 2007
    Professional Status:
    Certified General Appraiser
    State:
    South Carolina

    My guess is you won't have to wait that long....:rof:
     
  10. Joker

    Joker Elite Member

    0
    May 28, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    Is your client a lender or a mortgage broker? There is a big difference. Is this loan for Fannie/Freddie or are you really working for a lender?
     
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