Switching from FHA to conventional

[Metroappr]

Hi, I have a lender asking to switch a report from FHA to conventional. They ask if it is required to perform a new order. What are your thoughts?

 

[glenn walker]

It's a new order but we didn't charge except say a $100.00 to convert. New signature date and prior service disclosure. Same lender and same borrower don't over think it.

 

[TerryRohrer]

The current USPAP says that an inspection in conjunction with an earlier assignment does not meet the requirements of the new scope of work, so the lender will have to accept a modification to the scope of work for the new assignment, which is prohibited by the verbiage on the form, or you must do a new inspection to comply with USPAP and the requirement for a concurrent interior and exterior inspection.

 

[sputnam]

The current USPAP says that an inspection in conjunction with an earlier assignment does not meet the requirements of the new scope of work, so the lender will have to accept a modification to the scope of work for the new assignment, which is prohibited by the verbiage on the form, or you must do a new inspection to comply with USPAP and the requirement for a concurrent interior and exterior inspection.

Citation please. I disagree with that interpretation of what USPAP says.

 

[JTip]

100% new assignment.

New work file, new inspection/new effective date (wonder if the house burned down....). If you use the OLD date, that would be a retrospective, and the client doesn't want that.

CLONE the existing report, change dates, intended user(s), change photos, check sales (from old effective date to new effective date, maybe a pending closed), sign with today's date and submit.

Charge what YOU want to charge for your time and effort, whatever that is worth to YOU.

 

[Zoe]

100% new assignment.

New work file, new inspection/new effective date (wonder if the house burned down....). If you use the OLD date, that would be a retrospective, and the client doesn't want that.

CLONE the existing report, change dates, intended user(s), change photos, check sales (from old effective date to new effective date, maybe a pending closed), sign with today's date and submit.

Charge what YOU want to charge for your time and effort, whatever that is worth to YOU.

I agree. I won't even ask how long it has been since the original assignment. This is a new assignment. PERIOD. Do you want to engage me or not?

All you have to answer is "yes" or "no"?

Simple question.

I would kindly accept a new assignment from you to engage me.

 

[J Grant]

See the recent post from Trihard titled United Wholesale Mortgage reports an appraiser to the board ( sounds like a similar situation )

it's a new assignment, and if they do not want to pay you for a new assignment with a new effective inspection date, then decline. Appraisers get themselves in trouble for trying to "help" a client or party out and for some reason so eager to save folks $100 in a fee they will put their career on the line. A whole army of folks out there willing to take advantage of that of course.

 

[Terrel L. Shields]

at an inspection in conjunction with an earlier assignment does not meet the requirements of the new scope of work,

I commend TAF for the depth of their stupidity.

 

[TerryRohrer]

Citation please. I disagree with that interpretation of what USPAP says.

USPAP.

 

[Terrel L. Shields]

Citation please. I disagree with that interpretation of what USPAP says.

Thread '2024 USPAP - "Personal Inspection" definition revised'

Dec 27, 2023

Working RE: "Finally, the inspection must be performed as part of the scope of work for the assignment. For example, if an appraiser had made a personal inspection of a property six months ago and is subsequently engaged to perform a new appraisal on the property, the appraiser cannot certify that they made a personal inspection of the property unless they inspected it again as part of the scope of work for the new assignment."

Curiosity has me wondering about several particular past cases and how they would be handled with the new definition, if indeed it changed the way the...

• Ricky LaFleur
• Replies: 66
• Forum: Fannie Mae, Freddie Mac, USPAP