1004D different client

[NJ Valuator]

I completed a FHA appraisal for Bank ABC that was sent to me from an AMC; the report was made subject to repairs.

Bank XYZ contacted me directly and wants me to complete the final repair inspection on the same property(so apparently another lender took over the loan).

So is it okay to complete a final repair inspection for a lender who was not the original lender for FHA specifically?

 

[J Grant]

I completed a FHA appraisal for Bank ABC that was sent to me from an AMC; the report was made subject to repairs.

Bank XYZ contacted me directly and wants me to complete the final repair inspection on the same property(so apparently another lender took over the loan).

So is it okay to complete a final repair inspection for a lender who was not the original lender for FHA specifically?

As far as I know it is, you would have to disclose a prior service.

 

[sputnam]

I completed a FHA appraisal for Bank ABC that was sent to me from an AMC; the report was made subject to repairs.

Bank XYZ contacted me directly and wants me to complete the final repair inspection on the same property(so apparently another lender took over the loan).

So is it okay to complete a final repair inspection for a lender who was not the original lender for FHA specifically?

Yes. The completion inspection is a separate assignment. Like J Grant said, you have to disclose prior service.

 

[Tom D]

It is not an appraisal, it is a service provided.

 

[Tom4value]

This has come up before as to if the 1004D is or isn’t a restricted report, requiring the original appraisal for “the user to understand the results”. My take; if the purpose of the 1004D is for completion (construction or repairs), it is ok because you can easily state what “problem to be solved” is. However, if they want it for recertification of the original value, they DO need access to the original appraisal and do NOT accept the assignment.

 

[gregb]

My take; if the purpose of the 1004D is for completion (construction or repairs), it is ok because you can easily state what “problem to be solved” is.

So, no need to see the original appraisal to understand what the report was made "subject to"?

 

[NJ Valuator]

This has come up before as to if the 1004D is or isn’t a restricted report, requiring the original appraisal for “the user to understand the results”. My take; if the purpose of the 1004D is for completion (construction or repairs), it is ok because you can easily state what “problem to be solved” is. However, if they want it for recertification of the original value, they DO need access to the original appraisal and do NOT accept the assignment.

They must have possession of the original appraisal otherwise how would they know that it was made "subject to"? Also, my contact info was on the original appraisal; hence, how the new client got in contact with me.

 

[sputnam]

This has come up before as to if the 1004D is or isn’t a restricted report, requiring the original appraisal for “the user to understand the results”. My take; if the purpose of the 1004D is for completion (construction or repairs), it is ok because you can easily state what “problem to be solved” is. However, if they want it for recertification of the original value, they DO need access to the original appraisal and do NOT accept the assignment.

As I read the OP... there's no issue with having access to the original appraisal. The OP did it. The questions was about doing the completion certification for a different client.

 

[Tom4value]

As I read the OP... there's no issue with having access to the original appraisal. The OP did it. The questions was about doing the completion certification for a different client.

Yes, I know. According to USPAP, if it is a different client, They DON'T have access to the original appraisal.

 

[Tom4value]

So, no need to see the original appraisal to understand what the report was made "subject to"?

When you do a 1004D for a final completion, don't you explain in the comment section exactly what you are certify as being completed or do you just check the "Yes" box?