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Lender Name Change

Discussion in 'General Appraisal Discussion' started by Ariba, Jul 27, 2005.

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  1. Ariba

    Ariba Senior Member

    2
    Feb 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Did an appraisal on 06-22-2005, and just got a fax requesting that I change the name of the lender.

    Would you change the name to yyyyy Lending and CYA in the addendum. There always seems to be a twist.

    Ron
    AppraiserPlus.com
     
  2. CANative

    CANative Elite Member

    155
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    If he had called me back the next day, I'd probably just change it. But since it took over a month to figure out his "innocent mistake" I'd probably give him the old "it's a new assignment" lecture and charge some kind of a fee.
     
  3. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    I agree with Greg. I did one for a client and sent it off yesterday. Got a STIP list today with the change the client name and some other minor stuff - a few my fault for not doing a verification that the distances transfered, etc. Done deal, but that was next day.
     
  4. Robert Anderson

    Robert Anderson Senior Member

    0
    Nov 27, 2004
    I see so much of this that I wonder if it's a new scam that lenders and loan brokers have come up with to get appraisers to readdress an appraisal. Personally, I wouldn't change the client's name at this point.
     
  5. CANative

    CANative Elite Member

    155
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Since it's the same client who originally ordered the appraisal, isn't this more like changine the intended user or the client's funding source?
     
  6. Nancy Wyatt

    Nancy Wyatt Senior Member

    0
    Nov 21, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Can't you just put it in the name of who ordered the appraisal?

    Geez-We don't even know who our clients are anymore. ;)
     
  7. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    297
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    If I have been paid, then tell them to send money, time is money and I have a 4 hr. minimum ($240)
     
  8. Steve Wyrick

    Steve Wyrick Member

    0
    Aug 15, 2003
    Professional Status:
    Certified General Appraiser
    State:
    California
    In my market value would have gone up 3% in 30 days. So, new effective date, new lender, new liability, new appraisal new $400 fee.

    Lender shopped the loan in the 30+ days since you did it, and has come with this excuse to get you change report without new fee.
     
  9. Bill Baughn

    Bill Baughn Senior Member

    0
    Mar 10, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    what if your loan officer changes companies? It's been two days since I sent the report in and I get a call this afternoon that the LO has moved from Lender A to Lender B (or so he says?).

    does the loan belong to the loan officer or does it belong to the lender?

    Is your client the lender or the loan officer? borrower paid for the appraisal already so the initial fee is not in question.


    Bill Baughn :shrug:
     
  10. Steve Wyrick

    Steve Wyrick Member

    0
    Aug 15, 2003
    Professional Status:
    Certified General Appraiser
    State:
    California
    Bill,

    Every order I have ever received from a lender has always had the company name and the the loan officer or processor as contact. I would seem to me that your client is the company and not the loan officer. Whose money is being loaned not the loan officer but the company they represent and work for.
     
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