1004D Assignment by a Different Appraiser ?

[ZZGAMAZZ]

Questions:

Does a 1004D "Subject To" follow-up assignment for another appraiser's original work require EA's about the crediblity of the results including the OV?

Are any additional Certifications required other than those embedded in the 1004D form?

Does it require a comment concerning the reason that the original appraiser is not conducting the 1004D?

Does FHA permit an appraiser to conduct a 1004D of a Case# assigned to a different appraiser?

Thank you.

 

[Gillian Kaiser]

Questions:

Does a 1004D "Subject To" follow-up assignment for another appraiser's original work require EA's about the crediblity of the results including the OV?

Are any additional Certifications required other than those embedded in the 1004D form?

Does it require a comment concerning the reason that the original appraiser is not conducting the 1004D?

Does FHA permit an appraiser to conduct a 1004D of a Case# assigned to a different appraiser?

Thank you.

Are you completing the 1004D completion with or without update to OV? If you are only certifying the completion of repairs or alterations, then you wouldn't need to EA the data in the prior report as credible or not. If you are relying on the data from the prior report to formulate a new opinion of market value or whether or not the market value has declined, then yes, you will need to provide the required USPAP statements and certifications about relying on data and information provided by others.
Other additional certifications will depend on whether or not you are providing your own opinion of market value. I recommend using the USPAP certification addendum which should be available in your reporting program. Your state may also have additional disclosures required. We are required in NY to disclose the fee paid to the appraiser within the report.
I also add the following commentary to the beginning addendum for the 1004D Final inspection without value update: "The appraiser is incorporating by reference the prior appraisal assignment reports completed on the property with an address of 123 Anywhere Rd, Someplace, NY which is the same address and location of the subject property for the current assignment. The prior appraisal assignment reports are identified as file####33 that was completed with an effective date of 11/07/2020 and file ####43 with an effective date of 12/12/2020 by this appraiser for the client known as Some Mortgage Company which is the same client as the current appraisal assignment. The prior appraisal assignment reports, data, and information used in the analysis are maintained in the appraiser's work file."
I don't see how stating the reason as to why the original appraiser is not conducting the 1004D is required for credible assignment results.
FHA protocols can be found at this link: HUD Allregs
The Case # is assigned to the property, not the appraiser.
Gillian

 

[Tom Woolford]

I won't do them. Sure as hell some Attorney will try to pin responsibility for the whole report on me.

 

[ZZGAMAZZ]

Are you completing the 1004D completion with or without update to OV? If you are only certifying the completion of repairs or alterations, then you wouldn't need to EA the data in the prior report as credible or not. If you are relying on the data from the prior report to formulate a new opinion of market value or whether or not the market value has declined, then yes, you will need to provide the required USPAP statements and certifications about relying on data and information provided by others.
Other additional certifications will depend on whether or not you are providing your own opinion of market value. I recommend using the USPAP certification addendum which should be available in your reporting program. Your state may also have additional disclosures required. We are required in NY to disclose the fee paid to the appraiser within the report.
I also add the following commentary to the beginning addendum for the 1004D Final inspection without value update: "The appraiser is incorporating by reference the prior appraisal assignment reports completed on the property with an address of 123 Anywhere Rd, Someplace, NY which is the same address and location of the subject property for the current assignment. The prior appraisal assignment reports are identified as file####33 that was completed with an effective date of 11/07/2020 and file ####43 with an effective date of 12/12/2020 by this appraiser for the client known as Some Mortgage Company which is the same client as the current appraisal assignment. The prior appraisal assignment reports, data, and information used in the analysis are maintained in the appraiser's work file."
I don't see how stating the reason as to why the original appraiser is not conducting the 1004D is required for credible assignment results.
FHA protocols can be found at this link: HUD Allregs
The Case # is assigned to the property, not the appraiser.
Gillian

Thank you very much.

 

[Terrel L. Shields]

If you like to fall upon your sword, do the 1004D of someone else's work. Either you "do" the appraisal over and poke in file to support your claim, or you get to have a nice chat with the investigators sooner or later.

 

[Fernando]

I never do a 1004D from an appraisal done by another appraiser.
Why the original appraiser not doing the 1004D? It should be least cost effective done by original appraiser.
Did the original appraiser do a terrible job and I'm to rely on original appraisal? No, thank you.

 

[ZZGAMAZZ]

If you like to fall upon your sword, do the 1004D of someone else's work. Either you "do" the appraisal over and poke in file to support your claim, or you get to have a nice chat with the investigators sooner or later.

The assignment is to follow-up on necessary FHA repairs. No new value. No confirmation of existing value.

 

[ZZGAMAZZ]

I never do a 1004D from an appraisal done by another appraiser.
Why the original appraiser not doing the 1004D? It should be least cost effective done by original appraiser.
Did the original appraiser do a terrible job and I'm to rely on original appraisal? No, thank you.

$200 for 2 hours including inspection, photos, report.

 

[Terrel L. Shields]

So you determined that the conditions required in the original report were accurate, USPAP compliant, and you certified that those conditions stated were met? And if the conditions had NOT been met, how would you describe the "impact on the opinion of market value." That makes it a benchmark- therefore an appraisal. You best hope it is exactly as the OA stated it.

 

[ZZGAMAZZ]

View attachment 50533So you determined that the conditions required in the original report were accurate, USPAP compliant, and you certified that those conditions stated were met? And if the conditions had NOT been met, how would you describe the "impact on the opinion of market value." That makes it a benchmark- therefore an appraisal. You best hope it is exactly as the OA stated it.

I obtained a copy of the prior appraisal report before accepting the assignment in an effort to determine whether the answer would be a straightforward "yes" or "no," although if "no," and with consideration for the implications of the "impact of market value," I might be inclined to bow out of the assignment. However, the "impact on the opinion of market value" A) would be rather pronounced because FHA funding would be unavalable; or B) would not be affected at all because an additional follow-up inspection would be conducted. Weird how words can be [mis]interpreted; in fact I was gonna say that the "impact on the opinion of market value" was meaingless because the words "Opinion of Market Value" aren't capitalized in the form, and consequently informal rather appraisal-related. [LOL]