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Securityone & HVCC & USPAP

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Cowbell, Sep 11, 2009.

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  1. Cowbell

    Cowbell Sophomore Member

    0
    May 21, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I did an appraisal for SecurityOne in July and never received a check. I received a request this morning from the buyer's mortgage co to "retype" the appraisal to a new lender. Since TB&W closed doors as well as SecurityOne, obviously the original appraisal was never used. Do I accept the request and treat it as a new assignment? The buyer has paid for the original appraisal but I never got paid. It is not the buyer's fault and the buyer is not willing to pay for another full appraisal. What would you do if you were me?
     
  2. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    157
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    It's a business decision, however, if it were me and since this is a new assignment, I would reinspect and charge for a new appraisal.
     
  3. Jerry Bone Jr

    Jerry Bone Jr Senior Member

    0
    Feb 23, 2004
    Professional Status:
    Licensed Appraiser
    State:
    Oregon
    You could test that theory. :)
     
  4. Cowbell

    Cowbell Sophomore Member

    0
    May 21, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I do feel bad for the buyer...and myself too. If the buyer wants to pay for another full appraisal, the mortgage co would have ordered it from another appraiser. I am trying to recover some money but be fair to the buyer. Most importantly, not violate USPAP. I guess there's no other way around it but to treat it as a new assignment. Thanks RK and JB.
     
  5. Cowbell

    Cowbell Sophomore Member

    0
    May 21, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I am very confused. I agreed to do a new appraisal at a lower rate considering everything. Now I just found out the deal was done in Aug and the company that's ordering the appraisal is actually the lender that funded the loan. Did the lender fund the loan based on a copy of my appraisal but now decided that they need a "official" copy for their record?
     
  6. Peacemaker

    Peacemaker Member

    0
    Oct 12, 2003
    Professional Status:
    Licensed Appraiser
    State:
    Arizona
    The new lender can use your original appraisal and very well have funded the loan based on that.

    Now they've discovered that they don't have you on the hook for your E&O, since only the original lender could make a claim against you.

    See if the borrower will send you a copy of their HUD-1. If it shows they charged the borrower for an appraisal, and you were not paid, file a complaint against the lender with whoever regulates lenders in your state. I'd file a complaint even if I couldn't get the HUD-1. But that makes it a better complaint IMHO.

    I might be tempted to tell the lender, "Sure, I'll send you a new appraisal, right after I get paid for the first one." Then when they wonder where the new appraisal is, don't answer your phone.
     
  7. Cowbell

    Cowbell Sophomore Member

    0
    May 21, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I did not know the new lender can lend using my appraisal. I have not talked to the new lender yet after I found out about the fact the deal was done. Do they want it now just because they want my E&O or there is something else? Can they sell the loan without my appraisal? I don't even know if I can do an appraisal now since the intended use was what? to cover their behind? Thank you for your advice, PM. I will see what I can find out from the borrower.
     
  8. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Let's see - July - okay - it's now September - never mind
     
  9. Carnivore

    Carnivore Elite Member

    4
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    You said your a little confused and so am I right now.

    I am trying to understand where you are at this point in time. Are you saying they want you to re-type a report and subsitute their crooked companies name in place of the others crooked companies name?

    OK, I will make a EA. They want this done but are not willing to pay you. There reasoning is that the buyer already paid and its to bad that you did not get yours.

    Hmmm! OK here is what I would do. I would say I did the work, I did not get paid, I have no contract so I am not doing anything else until I do get paid. In that leter to this bunch of crooks I would include a letter I signed explaining that since there was a breach of the orignal contract, I am no longer responsible for the results of the appraisal based on the non-performance of the original contract.

    In other words you no longer have a duty to anyone!

    So thank you OP because this situation has been on my mind for a long time and I am now determined more then ever to find the legal theory supporting that position.

    If I can prove this theory is sound then I think its possible to turn the mortgage lending/appraisal industry on its head and end this nonsense.

    http://smallbusiness.findlaw.com/bu...iness-forms-contracts-overview-breaching.html
     
    Last edited: Sep 12, 2009
  10. Cowbell

    Cowbell Sophomore Member

    0
    May 21, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I am still in the process of investigating this whole thing. If the new lender used my appraisal to close the transanction, I might have a case against them. At this point, I am not going to do anything for them until I know what's going on.
     
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