FHA case number transferred to new lender

[mp2277]

I know the case number can be transferred to a new lender, however adding a "new" client and intended user still constitutes a new assignment, correct? Thanks

 

[alebrewer]

Is this for an appraisal already completed, or one in progress?

 

[mp2277]

Is this for an appraisal already completed, or one in progress?

Completed and delivered, contract fell through, new lender, same FHA #, Thanks

 

[alebrewer]

You shouldn't have to do anything at all. The new lender can use the appraisal as it was delivered to your client.

 

[mp2277]

You shouldn't have to do anything at all. The new lender can use the appraisal as it was delivered to your client.

With the previous lender listed as client and intended user? Just clarifying

 

[alebrewer]

With the previous lender listed as client and intended user? Just clarifying

exactly. The case number goes with the property, not hte lender.

 

[mp2277]

You shouldn't have to do anything at all. The new lender can use the appraisal as it was delivered to your client.

And it is no confidentiality violation issue delivering the report to a new lender?

 

[alebrewer]

And it is no confidentiality violation issue delivering the report to a new lender?

You don't deliver it to the new lender. They have to get it from the prior lender.

 

[alebrewer]

If they can't get it from the prior lender, they would need to get a new case number, then assign it to you as a new assignment.

 

[lostinthezone]

From the 4001;

(8) Transferring Existing Appraisals

In cases where a Borrower has switched Mortgagees, the first Mortgagee must, at the Borrower’s request, transfer the appraisal to the second Mortgagee within five business days. The Appraiser is not required to provide the appraisal to the new Mortgagee. The client name on the appraisal does not need to reflect the new Mortgagee. If the original Mortgagee has not been reimbursed for the cost of the appraisal, the Mortgagee is not required to transfer the appraisal until it is reimbursed.

The second Mortgagee may not request the Appraiser to re-address the appraisal. If the second Mortgagee finds deficiencies in the appraisal, the Mortgagee must order a new appraisal

Hope that helps.....