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  #1  
Old 01-01-2009, 06:07 PM
EVAUSA EVAUSA is offline
 
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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!
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  #2  
Old 01-01-2009, 06:23 PM
leelansford leelansford is offline
 
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Quote:
Originally Posted by EVAUSA View Post
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!

"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.
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  #3  
Old 01-01-2009, 06:50 PM
Randolph Kinney Randolph Kinney is offline
 
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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  
Old 01-02-2009, 08:41 PM
EVAUSA EVAUSA is offline
 
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Originally Posted by Randolph Kinney View Post
For example, FHA willallow 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.
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  
Old 01-02-2009, 09:03 PM
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PropertyEconomics PropertyEconomics is offline
 
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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.
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  #6  
Old 01-02-2009, 10:25 PM
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VegasWayne VegasWayne is offline
 
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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  
Old 01-03-2009, 08:51 AM
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Couch Potato Couch Potato is offline
 
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Quote:
Originally Posted by EVAUSA View Post
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!
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.)
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  #8  
Old 01-03-2009, 01:01 PM
EVAUSA EVAUSA is offline
 
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Quote:
Originally Posted by Couch Potato View Post
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.)
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!
  #9  
Old 01-03-2009, 04:53 PM
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Couch Potato Couch Potato is offline
 
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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.
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  #10  
Old 01-03-2009, 09:07 PM
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Mike Garrett, RAA Mike Garrett, RAA is offline
 
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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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