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  #1  
Old 10-08-2009, 09:35 AM
LAURIE ROCCHIO LAURIE ROCCHIO is offline
 
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State: Rhode Island
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Default lender reassignment of fha appraisal

We did an fha appraisal for lender 1. Borrower has since gone to lender 2. The FHA #, and therefore the appraisal was transferred to lender 2 as per fha guidelines in publication 4000.2. Lender 2 is saying that the appraisal must be put in lender 2's name. If this were not an fha appraisal, of course the answer would be no can do, we need to do a new assignment. Since this if an fha appraisal, and the appraisal, and the case # travel with the property a "new" appraisal cannot be done for 6 months. I cannot find anything in the fha guidelines that specifically says lender 2 does not need to have the appraisal put in thier name, and I cannot find anything in USPAP that says it is OK or not OK to change the lender name on the appraisal. Can anyone direct me to something in writing regarding this issue that I can send to lender 2?
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Old 10-08-2009, 09:49 AM
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RSW RSW is offline
 
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You need to read the new Mortgagee Letters put out by the FHA: ML 2009-29 and ML 2009-30. They don't go into effect until 01/01/2010 but they can help.

There have been several threads about this tipic in the last couple of weeks. Look in the FHA section of the forum and you should find them.

I personally will not accept any assignment where the lender only wants a name change. It's my decision!
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Old 10-08-2009, 10:02 AM
TITAN1 TITAN1 is offline
 
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Lender 2 is wrong, the appraisal remains as is and can be used by lender 2.
  #4  
Old 10-08-2009, 10:06 AM
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Michael Tipton Michael Tipton is offline
 
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Regardless of what HUD/FHA says, how does the USPAP address re-naming clients?

FHA only insures loans, the USPAP is part of my state's appraiser regulations. Doesn't the appraisal certs we sign on the FNMA/Freddie forms state that our reports comply with the USPAP?
  #5  
Old 10-08-2009, 10:29 AM
LAURIE ROCCHIO LAURIE ROCCHIO is offline
 
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"Lender 2 is wrong, the appraisal remains as is and can be used by lender 2"

can you tell me where i can find that in writing? not just that lender 2 can use the appraisal, but they can use it without a lender name change
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Old 10-08-2009, 10:39 AM
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Michael Tipton Michael Tipton is offline
 
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http://appraisersforum.com/showthread.php?t=161203
  #7  
Old 10-08-2009, 10:50 AM
TITAN1 TITAN1 is offline
 
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Quote:
Originally Posted by LAURIE ROCCHIO View Post
"Lender 2 is wrong, the appraisal remains as is and can be used by lender 2"

can you tell me where i can find that in writing? not just that lender 2 can use the appraisal, but they can use it without a lender name change

Michael Tipton beat me to it! Read the thread he provided.
  #8  
Old 10-08-2009, 01:31 PM
Betty H Church Betty H Church is offline
 
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Perhaps this will help.
FHA Lender Transfer.pdf
  #9  
Old 10-08-2009, 03:03 PM
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Jay Emmar Jay Emmar is offline
 
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Quote:
Originally Posted by LAURIE ROCCHIO View Post
"Lender 2 is wrong, the appraisal remains as is and can be used by lender 2"

can you tell me where i can find that in writing? not just that lender 2 can use the appraisal, but they can use it without a lender name change
Check out USPAP Q&A Nov. 2007 here:

http://www.appraisalfoundation.org/s...0&DOC=FILE.PDF

It states:

Note: the following question is reprinted from a prior monthly USPAP Q&A. It is also included in the 2008-2009 Frequently Asked Questions (FAQ #78).
Readdress or Transfer

Question:
Is it acceptable to readdress or transfer a completed appraisal report?

Response:
No. Once a report has been prepared for a named client or clients, the appraiser cannot ‘readdress’ (transfer) the report to another party. Simply changing the client name on the report cannot change or replace the original appraiser-client relationship. Therefore, this action is misleading.
However, you can consider the request as a new assignment. In so doing, you may establish a new appraiser-client relationship and appraise the property for this new client.

Additional information can be found in Advisory Opinion 26, Readdressing
(Transferring) a Report to Another Party. Important considerations, such as the handling of confidential information and other factors, are addressed in Advisory Opinion 27, Appraising the Same Property for a New Client.
  #10  
Old 10-08-2009, 03:49 PM
LAURIE ROCCHIO LAURIE ROCCHIO is offline
 
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State: Rhode Island
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yes, i know about this, but in accepting a new assignment from a new lender i am doing a new appraisal. and fha guidelines say that a new appraisal cannot be done on a property that has been assigned an fha case # within 6 months of the first appraisal......right?
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