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  #1  
Old 02-10-2009, 12:39 PM
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SunbeltAppraisals SunbeltAppraisals is offline
 
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Default borrower that is requesting a copy!

I have a borrower that is requesting a copy of an FHA appraisal completed on his home. He switched lenders and now the new lender needs an appraisal.

How should I proceed??

Should I release the appraisal?
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  #2  
Old 02-10-2009, 12:42 PM
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William K William K is offline
 
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No, tell them their new lender needs to contact the old lender, and if their new lender doesn't know this information they should find a new lender who knows what they are doing.
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  #3  
Old 02-10-2009, 12:52 PM
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Michael Tipton Michael Tipton is offline
 
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Quote:
Originally Posted by SunbeltAppraisals View Post
I have a borrower that is requesting a copy of an FHA appraisal completed on his home. He switched lenders and now the new lender needs an appraisal.

How should I proceed??

Should I release the appraisal?
What release? Suggest the owner provide "their new lender" a copy of the attached document for how to proceed with a FHA lender transfer.
Attached Files
File Type: pdf 4-2 Transfers of Case Numbers Between Lenders.pdf (135.3 KB, 51 views)
  #4  
Old 02-10-2009, 01:03 PM
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Jerry Bone Jr Jerry Bone Jr is offline
 
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Simply explain that you can not provide a copy to anyone other that the original client, because the original client is the owner of the report. Continue explaining that you can do a new appraisal for the new lender (at a reduced fee?).
There is no rule that prohibits you from doing a new appraisal. There is no rule that prohibits you from putting an FHA case # on the new appraisal.
I would charge $100 less than the first appraisal, depending on the new SOW.
  #5  
Old 02-10-2009, 01:29 PM
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William K William K is offline
 
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Quote:
Originally Posted by Jerry Bone Jr View Post
Simply explain that you can not provide a copy to anyone other that the original client, because the original client is the owner of the report. Continue explaining that you can do a new appraisal for the new lender (at a reduced fee?).
There is no rule that prohibits you from doing a new appraisal. There is no rule that prohibits you from putting an FHA case # on the new appraisal.
I would charge $100 less than the first appraisal, depending on the new SOW.
This is incorrect.
An FHA appraisal is Good for 6 months and stays with the property , not the Borrower. The new lender needs to request it along with the transfer of the case number from the lender it is assigned to in HUDs system.

You are not allowed to transfer it or appraise it for another lender and put their name on it with the case number!
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Appraisers need to learn to say the word, "NO". The word "NO", saves money and aggravation!
  #6  
Old 02-10-2009, 03:32 PM
Walter Kirk Walter Kirk is offline
 
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As with any appraisal report, FHA reports can only be provided to the client.
  #7  
Old 02-10-2009, 05:05 PM
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Jerry Bone Jr Jerry Bone Jr is offline
 
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Quote:
Originally Posted by William K View Post
This is incorrect.
Challenge: if you think it's incorrect, I'd like to see you quote the rule. Please don't confuse lender rules with appraiser rules. Don't spend too much time on the issue, as you will not find a rule that prohibits an appraiser from doing a new appraisal or that prohibits an appraiser from putting an FHA case number on a report.
  #8  
Old 02-10-2009, 05:11 PM
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Mr. Bone, I believe you are wrong, I can't quote chapter and verse, but some on this forum can and no doubt will be along soon.

TC
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  #9  
Old 02-10-2009, 05:53 PM
ghrousseau ghrousseau is offline
 
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Quote:
Originally Posted by Michael Tipton View Post
What release? Suggest the owner provide "their new lender" a copy of the attached document for how to proceed with a FHA lender transfer.
Sunbelt,

Michael is correct. I work for a lender and we just fax a copy of the case number assignment showing the FHA case number has been transferred to our company. The appraiser provides us a copy of the appraisal report, but the prior lender stays as the client on the report. The borrower should not be involved in any way except relaying this information to the new lender. I would not release the report unless they fax you a copy of the case number assignment from FHA connection.
  #10  
Old 02-10-2009, 06:12 PM
leelansford leelansford is offline
 
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Quote:
Originally Posted by SunbeltAppraisals View Post
I have a borrower that is requesting a copy of an FHA appraisal completed on his home. He switched lenders and now the new lender needs an appraisal.

How should I proceed??

Should I release the appraisal?

#1: You don't "release the appraisal" to anyone other than your client and others directed by your client.

#2: If the homeowner's "new" lender is wants to use the appraisal for a FHA loan, the first client should assign the appraisal to the 2nd lender BUT you are NOT involved in this process.

What else?
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