Owner of public record & Borrower

[gorillakimchi]

I have a quick question

Which party(Appraiser, AMC or Lender) is responsible to figure out the relation when owner of public record & borrower are different? (It's not just about middle name. Owner of public record is ABCD LLC & borrower is John doe)

I received a condition below from AMC, but not sure whether it's appraiser's responsibility or not. Isn't it lender's job to figure the relation between owner of public record & borrower?

"The assignment type is noted as refinance, however the Borrower & Owner names are differed than each other, please clarify the relation between both the parties to validate this refinance."

 

[TerryRohrer]

If you don't know, reply you don't know. They provided you the borrower's name. Nothing you can do about that. The owner of public record shouldn't be in dispute. If they are not the same entity, well, too bad. I agree with you, that is not the appraiser's responsibility.

 

[Sadie]

Sometimes the borrower is a principal in the company or the tax records are not updated. You should ask, but only so you don't have to do a revision. Client should provide you with the info up front.

 

[Joyce Potts]

I have a quick question

Which party(Appraiser, AMC or Lender) is responsible to figure out the relation when owner of public record & borrower are different? (It's not just about middle name. Owner of public record is ABCD LLC & borrower is John doe)

I received a condition below from AMC, but not sure whether it's appraiser's responsibility or not. Isn't it lender's job to figure the relation between owner of public record & borrower?

"The assignment type is noted as refinance, however the Borrower & Owner names are differed than each other, please clarify the relation between both the parties to validate this refinance."

It’s only your job to report what's reflected in the public record/tax roll. Make it subject and inferior to a title search and legal review. Don’t let them put you on the hook for a legal matter that’s out of your scope of work.

 

[Fernando]

When borrower has same last name as mine, client wants me to state if there's any relationship.
All the years I'd done, I never had any relation with borrower's with same last name.....I think.

 

[Dublin ohio]

I have a quick question

Which party(Appraiser, AMC or Lender) is responsible to figure out the relation when owner of public record & borrower are different? (It's not just about middle name. Owner of public record is ABCD LLC & borrower is John doe)

I received a condition below from AMC, but not sure whether it's appraiser's responsibility or not. Isn't it lender's job to figure the relation between owner of public record & borrower?

"The assignment type is noted as refinance, however the Borrower & Owner names are differed than each other, please clarify the relation between both the parties to validate this refinance."

It is their job to "validate" the refinance. I run into the same situation quite often. The borrower is usually the principal in the LLC. But not always easy to find out. They just do a quit claim from LLC to borrower prior to closing the loan. None the less. Still not my job to research business filings to try to determine a relationship and I have never been asked to do so.

 

[Zephyr999]

It is their job to "validate" the refinance. I run into the same situation quite often. The borrower is usually the principal in the LLC. But not always easy to find out. They just do a quit claim from LLC to borrower prior to closing the loan. None the less. Still not my job to research business filings to try to determine a relationship and I have never been asked to do so.

Google is a beautiful thing...Because of registration up here states have a Corp search...Google your state...search the name, see who registered agent is and/or check address.

 

[jay trotta]

Assumptions & Limiting Conditions - #1) matters of a legalality

re-read that part; that said it should fall under Title Search or their attorney IMO

 

[Joyce Potts]

Assumptions & Limiting Conditions - #1) matters of a legalality

re-read that part; that said it should fall under Title Search or their attorney IMO

Are permits classified as things of a legal nature? Asking for a friend.

 

[gorillakimchi]

If you don't know, reply you don't know. They provided you the borrower's name. Nothing you can do about that. The owner of public record shouldn't be in dispute. If they are not the same entity, well, too bad. I agree with you, that is not the appraiser's responsibility.

Well noted. Thank you!