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Name Change

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by EVAUSA, Jan 1, 2009.

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  1. EVAUSA

    EVAUSA Junior Member

    0
    Jan 26, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I did a refi appraisal ordered by Jennifer at ABC Mtg. Now Jennifer wants to take it to Mortgage Inc. and needs the name changed. I explained to her the laws that prevent me from doing this and offered a new appraisal at a discounted fee, which she accepted. But here's what I'm wondering. Who is actually the client on the first order, Jennifer or ABC Mtg.?

    One more question, Jennifer wanted to order the appraisal with the effective date from one week ago, the same date as the first report, so that the property doesn't have to be reinspected. I told her that would be a retro-appraisal, and I couldn't do it on a 1004. Am a wrong to tell her that, could I have used the same effective date since it was only a week ago?

    Thank you for your help!
     
  2. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois

    "Retro-appraisal"? Maybe. Maybe not.

    Why couldn't you "do" it on a 1004? For those who follow, and believe they have the answer, please cite your source.
     
  3. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    77
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    For example, FHA will allow the appraisal and effective date of the appraisal before the case number is assigned. In effect, it is like ordering the appraisal after the inspection.
     
  4. EVAUSA

    EVAUSA Junior Member

    0
    Jan 26, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    If the effective date is before the order date, is it a retro-appraisal? (I guess not in the FHA example noted above) Is there confidentiality issues if I use the sketch obtained from another assignment? Would you say it is unethical to backdate the effective date to match the inspection date in this circumstance?

    I'd appreciate anyone's input on this, this is not the first time I've come across this scenario.
     
  5. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    Eva ... your client can order an appraisal as of any date they wish ... and you can comply without reinspecting .. your valuation date is as of that date ... however, your signature date would be the date you signed the report .. ie today .. if that were the case.
     
  6. VegasWayne

    VegasWayne Senior Member

    12
    Nov 15, 2007
    Professional Status:
    Licensed Appraiser
    State:
    Nevada
    Jennifer may have been fired by ABC mtg. and is now working for Mortgage Inc. You may want to check with ABC Mtg. and if she is no longer there consider it a new assignment with a new fee.
     
  7. Couch Potato

    Couch Potato Elite Member

    0
    Mar 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Only you would know who was the client. It is the person or entity who contacted you for the appraisal. When Jennifer contacted you did she do so in a manner that made you think she was representing ABC Mtg. and contacting you on their behalf? If you were invoicing for the job, would you have sent it to Jennifer or ABC Mtg.?

    Just what is it about the 1004 that makes you say it could not be used for a retrospective or prospective report? In the strictest sense, most residential appraisals are done retrospectively since the introduction of the current 1004 (the report date is after the effective date.)
     
  8. EVAUSA

    EVAUSA Junior Member

    0
    Jan 26, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I think where I've gotten myself confused is when a client orders a retro on the new 2055 or 1004, which clearly states the inspection date and eff date are the same. But in my example, I did inspect the property on the eff date, so N/A.

    Thanks guys and galls! It's always the simplest things that seam to complicated. From everyones responses, it sounds like using a week old eff date is not necessarily a retro appraisal anyway, since the form allows the signature date and eff date to be different.

    I hope everyone is having a Happy New Year! :leeann2:
     
  9. Couch Potato

    Couch Potato Elite Member

    0
    Mar 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    You will want to be sure you are not just changing the name on the old report. Often very relevant sales show up in the week after a report is sent. Some year end statistics may now be available. You would not want to find yourself in trouble over readdressing a report.
     
  10. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    15
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Mountain out of mole hill? If the client name on the appraisal was an error, ie, should have been the lender and not the mortgage broker as an example then it shouldn't be a big deal to fix it.

    If the borrower is changing lenders...then it's a big deal. New client, new appraisal. The client is the person, entity, firm, company, etc. that engages the appraiser. Exception is the Department of Veterans Affairs who insist they are the client even though they don't meet the technical meaning of the term per USPAP.

    Jennifer probably works for the client in this case.
     
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