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Request to remove language.

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Richard Haba, Oct 1, 2009.

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  1. Richard Haba

    Richard Haba New Member

    0
    Sep 12, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    I have been requested to remove the following language from my report. As the reviewer is saying he can not complete the review with that language in there. I have read standard 3 over and over not finding any reason why he cant. FYI, the review appraiser is from LANDSAFE and probably lives in alaska or something(uggh...lol). When i sent a rebuttal as to why i would not remove it, he stated his reasoning is because it cannot be delivered to fannie mae with that in there. I seem to have had no problems with delivery to anyone before and it has been in my reports for about 4 years:


    *** COPYRIGHT: Liberty One Appraisal Services expressly retains all rights, titles, and interests in all copyrights, trademarks, trade names, trade secrets, software, data conclusions, opinions, valuations, or other information included in, arising out of, or in any way related to this appraisal, or any provision of the appraisal services to the named client and/or intended user. The report and information supplied by the staff of Liberty One Appraisal Services is a culmination of education, professional experience, and investigation, which at all time remain the property of Liberty One Appraisal Services. No persons or entities shall be entitled to break down, strip out, mine, or disseminate any component or part of this report, including but not limited to any conclusions, valuations, opinions, or other data compilations herein, without the written consent of Liberty One Appraisal Services. ***


    I have a real problem removing it as i feel it further protects our proffession, even though its technically protected without that in there. Your input would be greatly appreciated.

    Thanks!
    Rich
     
  2. DWiley

    DWiley Senior Member

    15
    Apr 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    The reviewer is correct. The statement posted contains language that is contrary to the certification in the 1004 form. Specifically, it conflicts with Certification 21, which allows the client to submit the report to data companies.

    Changes to the certification language are not allowed if the loan is going to Fannie Mae. I am not surprised that this has not been brought to your attention before. Just as many appraisers have not read the certifications they sign, many underwriters do not read the fine print that appraisers add.
     
  3. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    141
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    The very best reason why no one should participate in a fannie mae loan is that fannie mae data mines your work and your talent and your expertise and resells it or re uses it without any compensation whatsoever to you.

    I personally would not remove it but that's just me becuase I personally would like to see fannie mae and freddy mac abolished and their employees sent to prison as the thieves they are.
     
  4. Mike Kennedy

    Mike Kennedy Elite Member

    38
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Many appraisers are drafting language that they intend to include in their future reports in an effort to “clarify” certain Limiting Conditions and Certifications. We must caution that the new forms specifically state that, “Modifications or deletions to the certifications” are not permitted.

    Suggested Additional Language to Clarify Intended User (per Fannie Mae`s Update, November 2005):

    "The Intended User of this appraisal report is XXX (Name of your Lender/Client). The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser."


    http://www.liability.com/claim_detail.asp?ClaimID=94
     
  5. Dutchman

    Dutchman Member

    0
    Jul 11, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    Where does it state the "data mining" is allowed. Data mining in no way can be considered "in due course of business" for obtaining loan approval. It is an entirely separate activity from mortgage lending.
    IIR, the US copywright office states that a report is copywrighted upon completion and does not need a copywright statement as such for it to have all the protections of copywright law.
     
  6. leelansford

    leelansford Elite Member

    26
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois

    If you're communicating appraisals using current Fannie forms, you may want to review Appraiser's Certification #21.

    An appraiser can't have it both ways.
     
  7. Richard Haba

    Richard Haba New Member

    0
    Sep 12, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    What if i was just to include fannie mae as an inteneded user in my language. I dont like that they data mine but im more concerned that landsafe will, whom i hate with a passion.
    lol
     
  8. leelansford

    leelansford Elite Member

    26
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Confer with your client before adding Intended Users. It may be possible that the loan is not headed to Fannie.

    But, if your making effort to contradict Cert #21, you're wasting your time.
     
  9. timd354

    timd354 Elite Member

    57
    Jan 11, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland

    Cert #21 reads in part:

    "21. The lender/client may dsiclose or distribute this appraisal report to:
    ...................data collection or reporting services...."


     
  10. LI-Appr

    LI-Appr Senior Member

    0
    Nov 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    So maybe the AI and other big guns can pressure the ASB to convince F & F to rewrite Cert #21.

    What the chances of that happening?
     
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