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Old 04-20-2004, 07:40 PM
joeduncan joeduncan is offline
Join Date: May 2003
Location: California/San Diego
State: California
Professional Status: Licensed Appraiser
Posts: 73

I've been told and read that doing lender name changes is now a no no.. i read it somewhere i checked site but it didnt see it, i know other appraisers are still doing it, but i rather do it right, can someone offer me more info or a website that i can read about it? thanks
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Old 04-20-2004, 07:45 PM
CANative's Avatar
CANative CANative is offline
Join Date: Jun 2003
Location: Ukiah, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 47,311

You cannot change the name on a report. It is simply a new assignment and must be treated as a new assignment. Read AO26 in USPAP.

Relevant USPAP & Advisory References
§ The Confidentiality and Conduct sections of the ETHICS RULE.

§ Standards Rules such as 1-2(a) and 1-2(B); 7-2(a) and 7-2(B); and 9-2(a), which require an appraiser to identify the client, intended users, and intended use.

§ Standards Rules such as 2-1(a), 8-1(a), 10-1(a), which require an appraiser to clearly and accurately set forth the appraisal in a manner that is not misleading.

§ SUPPLEMENTAL STANDARDS RULE, which requires an appraiser to ascertain whether supplemental standards apply to the assignment in addition to USPAP.

§ Statement on Appraisal Standards 9 (SMT-9), which requires the appraiser to identify and disclose the client and intended users and the intended use in an appraisal, appraisal review, or appraisal consulting assignment.

§ Statement on Appraisal Standards No. 10 (SMT-10), which describes applicability of USPAP in federally related transactions.

§ Advisory Opinion 25 (AO-25), which covers clarification of the client in a federally related transaction.

§ Advisory Opinion 27 (AO-27), which addresses appraising the same property for a new client.

No. Once a report has been prepared for a named client(s) and any other identified intended users and for an identified intended use, the appraiser cannot "readdress" (transfer) the report to another party.

USPAP defines the Client as:

The party or parties who engage an appraiser (by employment or contract) in a specific assignment. (Bold added for emphasis)

Assignment is defined as:

A valuation service provided as a consequence of an agreement between an appraiser and a client. (Bold added for emphasis)

Intended Use is defined as:

the use or uses of an appraiser’s reported appraisal, appraisal review, or appraisal consulting assignment opinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment. (Bold added for emphasis)

Intended User is defined as:

the client and any other party as identified, by name or type, as users of the appraisal, appraisal review, or appraisal consulting report by the appraiser on the basis of communication with the client at the time of the assignment. (Bold added for emphasis)

Identification of the client, any other intended users, and the intended use are key elements in all assignments. Because these identifications drive the appraiser’s scope of work decision, as well as other elements of the assignment, they must be determined at the time of the assignment. They cannot be modified after an assignment has been completed. See Statement on Appraisal Standards No. 9 (SMT-9) for further clarification.
Old 04-20-2004, 11:45 PM
Mister Ed's Avatar
Mister Ed Mister Ed is offline
Join Date: Jan 2004
Location: Middle Georgia
State: Georgia
Professional Status: Certified Residential Appraiser
Posts: 3,432

anytime a lender asks for a lender change, fax this to them:


I printed it and underlined all pertinant parts. It comes out 2 pages on letter paper and usually settles the issue.

Not only is it against USPAP, it has LONG been against the guidelines governing any federally regulated loans (about 98% of our mortgage work).... therefore, they should have NEVER asked in the first place.
If crime doesn't pay...
Is working for an AMC a crime?
Old 04-21-2004, 09:46 PM
dmende dmende is offline
Join Date: Mar 2004
Location: Buffalo Grove, IL
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 34

Just had one this am and told the LO that he would have to send a new order with his info on it and it would be considered a new order. I will go through the property and make sure it looks the same as it did 6 months ago. I chaulk it up to a really easy assignment as I already have the property and market info in my old file.
Chicago Appraiser, Appraiser Chicago
Old 04-22-2004, 09:04 AM
Jo Ann Meyer Stratton's Avatar
Jo Ann Meyer Stratton Jo Ann Meyer Stratton is offline
Join Date: Jan 2002
Location: Safford, Arizona
State: Arizona
Professional Status: Certified Residential Appraiser
Posts: 6,332

And review current market data since you have a new effective date of when you go to the property. Whether you include new data would depend on the market and whether the client wants to know if the value is at least the same today as it was six months ago. If they want to know what the value was six months ago--no new data would be considered. The effective date determines which segment of the market is considered.
Jo Ann Meyer Stratton, IFA, SRA
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