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LSI bulletin regarding client info-Lee or Brian can you comment?

Discussion in 'Illinois' started by Tom O'Malley, May 13, 2011.

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  1. Tom O'Malley

    Tom O'Malley Sophomore Member

    0
    Jul 10, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    MAY 9, 2011 ILLINOIS INSTRUCTIONS REGARDING LENDER/CLIENT NAME
    This bulletin is to advise all Illinois appraisers of the state’s latest instructions to accommodate the new GSE Uniform Appraisal Dataset. If you have not reviewed the Illinois newsletter published in April, LSI recommends you review the document, paying particular attention to page eight.
    Effective immediately, please list the lender as the Lender/Client in the subject section of the appraisal report, along with the address of the lender as noted on the assignment order sheet. This rule will be enforced beginning May 1, 2011.
    On the appraisal report signature page, please list “LSI Appraisal, LLC” as the Lender/Client name, directly under the line where the appraised value is placed. On the company name and company address lines, please list the lender’s name and address.
    As noted on page nine of the newsletter, please add the “Appraiser Additional Certification”, as reported and quoted below:
    Pursuant to Section 11455 of the Illinois Administrative Code for Real Estate Appraiser Licensing, the following certifications are being added to this appraisal assignment:
    The “client” means the party or parties who engage an appraiser, by employment or contract, in a specific assignment. If an appraisal management company is the party engaging the appraiser, the appraisal management company is considered the client.
    The appraisal assignment has been ordered by an appraisal management company. They have been identified as the client in the Lender/Client section on the NAME line of the signature page. The lender has been identified in the Subject section on the Lender/Client line on page one of the appraisal report.
    Should you have any questions, please email George Vann, LSI Chief Appraiser at gvann@lsi-lps.com.
     
  2. Tom O'Malley

    Tom O'Malley Sophomore Member

    0
    Jul 10, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    From what i can read here I believe they are telling us to not put LSI on the client name on the first page but include it only in the signature section- I am not sure this complies with what the state wants
     
  3. BrianMasterson

    BrianMasterson New Member

    0
    Aug 28, 2010
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Don't forget the part that is conspicuously absent from Mr Vann's missive:


    c) When an appraisal management company engages an appraiser by employment or contract for a specific assignment, the appraiser shall prominently display the appraisal fee received from the appraisal management company in thecertification as follows: "The compensation for this appraisal assignment is$_____."
     
  4. Tom O'Malley

    Tom O'Malley Sophomore Member

    0
    Jul 10, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Not sure what to do with no response from Lee or Brian- any one else have thoughts?
     
  5. Walbrorp

    Walbrorp New Member

    0
    May 23, 2011
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Any Idea on this

    LSI is driving me crazy sending their bulletin every time they want a lender/client change and I refuse. I have 3 appraisals on hold right now cause I won't change the lender/client name from LSI. Any idea what we are suppose to do? From everything I read this bulletin is incorrect and following these instructions would be against the new state law. Unfortunately I have read a lot of different things on it and am wondering if that is the case or not...any help out there?
     
  6. Tony Bamert

    Tony Bamert Junior Member

    2
    Jan 26, 2010
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Mr Lansford said it would be acceptable to state both names on the lender/client name as follows. I have done this with them about 20 times without any problems. You can check on the old posts for Mr. Lansfords recommendation. It's on the Illinois forum somewhere about a month or two ago:

    Lender/Client : XYZ Bank / LSI
     
  7. Mike Kennedy

    Mike Kennedy Elite Member

    246
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
  8. Tom O'Malley

    Tom O'Malley Sophomore Member

    0
    Jul 10, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    I put client xyz / LSI and it went through. From LSI's letter it seemed they wanted just the lender to me but it did go through so hopefully no issues going forward
     
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