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Readdressal versus new assignment

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by CANative, Aug 12, 2009.

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  1. CANative

    CANative Elite Member

    168
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    If an appraisal was completed for Lender A and then a new lender asks the appraiser to appraise the same property for them does the appraiser HAVE to reinspect the subject property and report a new effective date in order to distinguish this assignment as a new assignment versus simply readdressing the appraisal?

    Let's not confuse the question with things like how much time has elapsed between the first assignment and the second assignment or assignment conditions which may be different from Client A and prospective Client B. Just assume a short amount of time and no differences in appraisal requirements.
     
  2. Thomas Fiehler

    Thomas Fiehler Senior Member

    2
    Jun 2, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    I would reinspect since it would be hard for me to convince the State that I can complte the report before I received the request. I'm not sure when the new regs go into effect that we need to notify the lender/client if we have appraised the subject in the past.
     
  3. CANative

    CANative Elite Member

    168
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Obviously you can't complete the report prior to getting the request. That's why there are two dates in an appraisal report. The effective date (date of value and for GSE date of inspection) and then there is the date the report was signed.
     
  4. William K

    William K Senior Member

    0
    Sep 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    USPAP does not require inspection of the subject. So the inspection issue is not the problem but rather the engagement and scope of work becomes the issue of why it is a new assignment.

    "Re-addressing" will not work as Scope of Work is different for the 2 users.

    "Just assume a short amount of time and no differences in appraisal requirements."

    You can not assume this , as 1 value is current and the other retrospective , even with the same effective dates, the scope of work changed.

    This is what will distinguish this assignment as a new assignment , not the date, or if it is inspected.
     
  5. CANative

    CANative Elite Member

    168
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    This retrospective value stuff is utter non-sense. If that's the case then an appraisal report must be completed before leaving the house. But then you still have a problem with the 20 or 30 minutes it takes to type the report.

    If I inspect a property on Tuesday and finish the report Tuesday night and then Wednesday morning a different lender wants their own appraisal of the same property are you telling me I have to drive back out and reinspect the property to avoid "readdressing" or completing a "retrospective" appraisal?
     
  6. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    As to the question your original post: No, USPAP does not require a new inspection.

    As to what is "current" and what is "retrospective", the USPAP does not clearly define the two. But, in your example above, I would consider the 2nd request as a request for a "current" appraisal (being certain to have written instructions from the client that the client will accept the appraisal with the effective date coming before the date of request; and, including this condition of the assignment within my report of the appraisal).
     
  7. Doug Meyer

    Doug Meyer Senior Member

    0
    Sep 13, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Indiana
    Greg, why the question? If I get a request from a different lender, no matter what, I report a new effective date of the assignment. Assuming the SOW is for an interior inspection, then I would also comply with that.
     
  8. William K

    William K Senior Member

    0
    Sep 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Uh, it's Retrospective to the date of acceptance of assignment / Engagement.:new_smile-l:
     
  9. CANative

    CANative Elite Member

    168
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    William... Sorry. Didn't mean to post a harsh sounding response.

    A certain appraiser on a different forum is trying to convince mortgage brokers that an appraisal of the same property for a different client requires a new property inspection or else it's a readdressal.
     
  10. CANative

    CANative Elite Member

    168
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
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