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Re-assigning FHA appraisal

Discussion in 'FHA/HUD and VA' started by Bruce Bugno, Apr 29, 2009.

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  1. Bruce Bugno

    Bruce Bugno New Member

    0
    Jun 30, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Tell me if I'm wrong. Completed an FHA appraisal for Client A. They can't close loan so client A gives appraisal to borrower. I believe borrower takes appraisal in to client B. They have additional requirements and contact me to go back out to property for a final inspection. I tell them that I have to treat this as a new assignment and they can't use the appraisal that I already completed for Client A. They tell me and I quote "this is a FHA appraisal and as such is fully transferable-perhaps you need to brush up on your FHA regulations. At the borrower's request, Client A was required to transfer the case number, it follows the property, not the lender....FHA requires that the FHA case number is tied to the property for 6 months from the time it is assigned and once the appraisal is done, it too stays with the property."

    I am going about this the right way by requiring them to get a new appraisal, right?
     
  2. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Your client is Client A.

    You should respond to requests from Client A.

    And...you don't complete another FHA appraisal for Client B; they can use the appraisal as it exists. If it has been assigned to them from Client A...see the 2nd sentence above.
     
  3. Mike Boyd

    Mike Boyd Elite Member

    0
    Jan 18, 2002
    Professional Status:
    Retired Appraiser
    State:
    California
    Client A is REQUIRED to assign the appraisal to client B. There is a specific process that both lenders must complete. However, client A remains your client and any changes in the report must go through them.
     
  4. Bruce Bugno

    Bruce Bugno New Member

    0
    Jun 30, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Thanks guys. Is there a Q&A or something official that addresses this situation so I can inform Client B?
     
  5. CANative

    CANative Elite Member

    170
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
  6. Michael Tipton

    Michael Tipton Senior Member

    0
    Sep 25, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I have the attached saved in my documents as pdf files. E-mail to clients as needed.
     

    Attached Files:

  7. BC 2008

    BC 2008 New Member

    0
    Sep 8, 2008
    Professional Status:
    Licensed Appraiser
    State:
    California
    After the case number transfer, can the new lender request us to do a new appraisal (new client/lender, new effective date, and new fee)? I have search the forum. Some believe that only 1 FHA appraisal for a property within 6 months. Others say we can do as many assignments as long as we keep separate workfile. Does anyone happen to know any document or source regarding the “1 appraisal per 6 months” criteria?

    Thanks,
     
  8. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    I think you had better read posts 5 & 6 above - no wonder FHA wants to "upgrade" the quality of appraisers on the panel.:peace:
     
  9. BC 2008

    BC 2008 New Member

    0
    Sep 8, 2008
    Professional Status:
    Licensed Appraiser
    State:
    California
    Ortis, I have read those posts before I post my question. However, those information only mention about lender and case number transfer. After the new lender successfully have the case number transferred, received the existing appraisal, and found out that I won't change the existing appraisal for them. They may decided to send me a new appraisal request for the same property with the same case number. I am aware that FHA may not allow a second appraisal of the same property within 6 months. If that's the case, I would like to find the related document from HUD for my record.

    I am not an expert in FHA, that why's I am still taking classes and turn to this forums to learn more details regarding FHA guidelines. But your response gives me an impression that you're looking down to appraisers that are uncertain about FHA guideline's details.
    Ortis, I strongly believe that even if FHA upgrade the quality requirements, it is because of appraisers that are either carelessly or fraudulently ignore their guidelines and definitely not because of appraisers that are looking forward to find out and learn about FHA guidelines to apply it accordingly.
     
  10. Michael Tipton

    Michael Tipton Senior Member

    0
    Sep 25, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida

    Attached Files:

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