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  #1  
Old 11-03-2009, 05:11 PM
teachme teachme is offline
 
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Default Transferring an appraisal to another client

Can someone please tell me if it is allowed to change the client on an appraisal to a new client. I know Fannie Mae allows it as long as you have a release from the lender but does USPAP?
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Old 11-03-2009, 05:27 PM
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Per USPAP you probably shouldn't be talking to client B about the appraisal and you cannot change the client without completing a new assignment with a new scope of work, which cannot be limited to solely changing the client name. there was just a lengthy thread on this topic (I can't find it now) within the last week or so pertaining to the debate between what FHA will allow and what USPAP will allow. it all relates to this.
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Old 11-03-2009, 05:43 PM
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Quote:
Originally Posted by teachme View Post
Can someone please tell me if it is allowed to change the client on an appraisal to a new client. I know Fannie Mae allows it as long as you have a release from the lender but does USPAP?
Please refer to ADVISORY OPINION 26 (AO-26) Readdressing (Transfering) a report to another party.

Or go to http://www.appraisalinstitute.org/ab...ddressing.aspx
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Old 11-03-2009, 05:47 PM
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Good link given above. In addition: http://www.appraisalfoundation.org/s...0&DOC=FILE.PDF

Go to 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."

Do you work for an AMC?
  #5  
Old 11-03-2009, 05:50 PM
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Quote:
Originally Posted by teachme View Post
Can someone please tell me if it is allowed to change the client on an appraisal to a new client. I know Fannie Mae allows it as long as you have a release from the lender but does USPAP?
Got a reference that says Fannie "allows" that? I think you are very confused. Fannie allows a lender to assign an appraisal report to another lender. That is NOT taking the physical appraisal report and altering the client name on that report.
  #6  
Old 11-03-2009, 06:09 PM
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Be gentle everyone. Many have never been taught correctly. We are low on torches and pitchforks this week.
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Old 11-03-2009, 06:13 PM
leelansford leelansford is offline
 
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Well, finally, here's something that we haven't discussed before!

Got USPAP?

Sorry, I couldn't help myself.



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  #8  
Old 11-03-2009, 06:15 PM
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Quote:
Originally Posted by teachme View Post
Can someone please tell me if it is allowed to change the client on an appraisal to a new client. I know Fannie Mae allows it as long as you have a release from the lender but does USPAP?
Fannie does not and has never "allowed" this.
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Old 11-03-2009, 06:20 PM
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Here is the thread that confused the hell out of me...
http://appraisersforum.com/showthread.php?t=159312


Enjoy!!! Retrospective......or not......
  #10  
Old 11-03-2009, 06:20 PM
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Quote:
Originally Posted by Tim Hicks (Texas) View Post
Be gentle everyone. Many have never been taught correctly. We are low on torches and pitchforks this week.
LOL. True enough. But I've got some extras in the garage should need them.
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