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.

Lender Name Changes

Discussion in 'Urgent - Help Needed' started by joeduncan, Apr 20, 2004.

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

    joeduncan Sophomore Member

    0
    May 7, 2003
    Professional Status:
    Licensed Appraiser
    State:
    California
    I've been told and read that doing lender name changes is now a no no.. i read it somewhere i checked www.orea.ca.gov site but it didnt see it, i know other appraisers are still doing it, but i rather do it right, can someone offer me more info or a website that i can read about it? thanks
     
  2. CANative

    CANative Elite Member

    248
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    You cannot change the name on a report. It is simply a new assignment and must be treated as a new assignment. Read AO26 in USPAP.

     
  3. Mister Ed

    Mister Ed Senior Member

    0
    Jan 24, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Georgia
    anytime a lender asks for a lender change, fax this to them:

    FDIC

    I printed it and underlined all pertinant parts. It comes out 2 pages on letter paper and usually settles the issue.

    Not only is it against USPAP, it has LONG been against the guidelines governing any federally regulated loans (about 98% of our mortgage work).... therefore, they should have NEVER asked in the first place.
     
  4. dmende

    dmende New Member

    0
    Mar 4, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Just had one this am and told the LO that he would have to send a new order with his info on it and it would be considered a new order. I will go through the property and make sure it looks the same as it did 6 months ago. I chaulk it up to a really easy assignment as I already have the property and market info in my old file.
     
  5. Jo Ann Meyer Stratton

    Jo Ann Meyer Stratton Elite Member

    41
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    And review current market data since you have a new effective date of when you go to the property. Whether you include new data would depend on the market and whether the client wants to know if the value is at least the same today as it was six months ago. If they want to know what the value was six months ago--no new data would be considered. The effective date determines which segment of the market is considered.
     
Thread Status:
Not open for further replies.

Share This Page