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  #1  
Old 09-20-2011, 03:47 PM
TrioAppraisals Group TrioAppraisals Group is offline
 
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State: California
Professional Status: Certified Residential Appraiser
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Default Same Client & Borrower but now REFI?

Hey All,

I have a quick question that I think I already know the answer to but just want a second opinion or two.

I have a client that I completed a purchase transaction for on 7/9/11 and the loan closed and I have already been paid.

The processor for that same client contacted me today and requested that I update (her word, not mine) the appraisal to now reflect a refinance and remove the purchase information and update the borrower to show as the current owner.

She said she does not need a new appraisal and just needs info to be revised.

On top of this, the original report was completed prior to UAD and she is saying she does not need it to be a UAD report because they do not need new comps or a new effective date.

I don't see how that is possible to make the requested changes and still be USPAP compliant.

I told her that although their guidelines may not require a new appraisal within 120 days that what she is requesting is pretty much a new appraisal and I would need to treat it as such.

If anyone could give me some ammo to fire at her and let her know that what she is asking for goes against USPAP I would greatly appreciate it.

Thanks,
Brian
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  #2  
Old 09-20-2011, 03:56 PM
Pilgrum's Avatar
Pilgrum Pilgrum is online now
 
Join Date: Mar 2005
State: Nevada
Professional Status: Certified Residential Appraiser
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If they don't need a new appraisal why are they asking for one?
You cannot just change an existing appraisal.
You could provide them a new appraisal at a reduced fee.
  #3  
Old 09-20-2011, 04:15 PM
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JTip JTip is offline
 
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Location: Central PA-Altoona-State College
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AO-3 brother (or sister), AO-3.

edit: Brian....brother Brian, AO-3.
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  #4  
Old 09-20-2011, 04:25 PM
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residentialguy residentialguy is offline
 
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State: Minnesota
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Default

Quote:
Originally Posted by TrioAppraisals Group View Post
Hey All,

I have a quick question that I think I already know the answer to but just want a second opinion or two.

I have a client that I completed a purchase transaction for on 7/9/11 and the loan closed and I have already been paid.

The processor for that same client contacted me today and requested that I update (her word, not mine) the appraisal to now reflect a refinance and remove the purchase information and update the borrower to show as the current owner.

She said she does not need a new appraisal and just needs info to be revised.

On top of this, the original report was completed prior to UAD and she is saying she does not need it to be a UAD report because they do not need new comps or a new effective date.

I don't see how that is possible to make the requested changes and still be USPAP compliant.

I told her that although their guidelines may not require a new appraisal within 120 days that what she is requesting is pretty much a new appraisal and I would need to treat it as such.

If anyone could give me some ammo to fire at her and let her know that what she is asking for goes against USPAP I would greatly appreciate it.

Thanks,
Brian

The appraisal cannot be changed by the appraiser for another lender or for another use. That is a new assignment. You could give them a discount on the new assignment, if you wish.
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  #5  
Old 09-20-2011, 04:26 PM
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HF Mudd HF Mudd is offline
 
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Location: Queens County
State: New York
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From AO-3 (bold added for emhpasis):

A New Assignment of a Prior Assignment

36 Regardless of the nomenclature used, when a client seeks a more current value or analysis of a property that
37 was the subject of a prior assignment, this is not an extension of that prior assignment that was already
38 completed – it is simply a new assignment. An “assignment” is defined in USPAP as:

39 a valuation service provided as a consequence of an agreement between an appraiser and a client.

40 The same USPAP requirements apply when appraising or analyzing a property that was the subject of a prior
41 assignment. There are no restrictions on who the appraiser is in such a circumstance, who the client is, what
42 length of time may have elapsed between the prior and current assignments, or whether the characteristics of the
43 subject property are unchanged or significantly different than in the prior assignment.
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  #6  
Old 09-20-2011, 04:32 PM
JTip's Avatar
JTip JTip is offline
 
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Don't give out the answer Mudd!!! Got to open the book (pdf) to learn.

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  #7  
Old 09-20-2011, 04:38 PM
TrioAppraisals Group TrioAppraisals Group is offline
 
Join Date: Apr 2010
State: California
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Default

Your comments were right on line with what I expected everyone to say. What had thrown me for a loop was that they were requesting everything to be the same except changing from a purchase to a refi. Just hadn't had that type of request before. I will advise them it's a new assignment and take it from there.

Thanks again for the assistance,

Brian
  #8  
Old 09-20-2011, 04:44 PM
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residentialguy residentialguy is offline
 
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Default

Ask them if they got any money for doing a refi.
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  #9  
Old 09-20-2011, 04:45 PM
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J Grant J Grant is offline
 
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State: Florida
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Lenders don't violate USPAP, only appraisers do...They can ask us to do whatever we want, but we have to follow USPAP, and per USPAP for an appraiser, it is a new assignment. Tell them so, and they can either assign it to you , or use somebody else.
  #10  
Old 09-20-2011, 05:40 PM
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RSW RSW is offline
 
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State: Tennessee
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Default

Quote:
Originally Posted by TrioAppraisals Group View Post
Your comments were right on line with what I expected everyone to say. What had thrown me for a loop was that they were requesting everything to be the same except changing from a purchase to a refi. Just hadn't had that type of request before. I will advise them it's a new assignment and take it from there.

Thanks again for the assistance,

Brian
What would be the effective date of the changed appraisal report? Did the borrower own the subject property as of the effective date of the appraisal? I don't think they did. So, how can you provide a refi appraisal for someone who did not own the property at the time of the effective date?
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