1004D request from 2nd lender (conventional)

[tkrea]

Hello, Appraisers. I got AR license last year.

I submitted 1004 appraisal report (conv, refi) with condition (CO detector to be installed) 1 month ago to AMC with 1st lender. I received order from same AMC with 2nd lender, they want me to revise effective date and lender name. I said no, it is USPAP violation.

Then they requested 1004d with 2nd lender name on the report. I said "NO, it is still USPAP violation, 1004D should be on same lender name (1st lender). and new 1004 assignment is needed from new lender".

AMC doesn't understand why I can't handle this and told me 1st lender transferred my appraisal report to 2nd lender and most appraisers accept order like this (lender name change). and AMC wanted me to send them USPAP sentence where this order is violation so that AMC requests new 1004 order to 2nd lender. AMC is worry about deal killing and decreasing market status if new order is needed.

I thought borrower name, subject address and original value box on 1004d is still confidential information even though appraisal report can be transferrable between 1st lender and 2nd lender, this transfer is not working for appraiser. And I left comment like that 'this report is only for 1st lender' on my original report.

My question is am I wrong to decline this 1004d order (2nd lender name on 1004d)? and what clause of USPAP do I send to AMC? or can I do this 1004d order (with 2nd lender name on 1004d report)?

Below link on AI website is only what I found, but that link is not for 1004d. Please. advise me. Thank you.

Appraisal Institute Readdressing, Reassigning, Reappraising

This resource provides guidance on how to handle readdressing, reassigning and reappraising requests in compliance with standards and ethics requirements.

www.appraisalinstitute.org

 

[shrubberyvaluation]

Hello, Appraisers. I got AR license last year.

I submitted 1004 appraisal report (conv, refi) with condition (CO detector to be installed) 1 month ago to AMC with 1st lender. I received order from same AMC with 2nd lender, they want me to revise effective date and lender name. I said no, it is USPAP violation.

Then they requested 1004d with 2nd lender name on the report. I said "NO, it is still USPAP violation, 1004D should be on same lender name (1st lender). and new 1004 assignment is needed from new lender".

AMC doesn't understand why I can't handle this and told me 1st lender transferred my appraisal report to 2nd lender and most appraisers accept order like this (lender name change). and AMC wanted me to send them USPAP sentence where this order is violation so that AMC requests new 1004 order to 2nd lender. AMC is worry about deal killing and decreasing market status if new order is needed.

I thought borrower name, subject address and original value box on 1004d is still confidential information even though appraisal report can be transferrable between 1st lender and 2nd lender, this transfer is not working for appraiser. And I left comment like that 'this report is only for 1st lender' on my original report.

My question is am I wrong to decline this 1004d order (2nd lender name on 1004d)? and what clause of USPAP do I send to AMC? or can I do this 1004d order (with 2nd lender name on 1004d report)?

Below link on AI website is only what I found, but that link is not for 1004d. Please. advise me. Thank you.

Appraisal Institute Readdressing, Reassigning, Reappraising

This resource provides guidance on how to handle readdressing, reassigning and reappraising requests in compliance with standards and ethics requirements.

www.appraisalinstitute.org

Which part violates USPAP? The potentials I see are giving assignment results that are confidential such as the prior appraised value and if its a NO it asks to explain the change in the opinion of value. I imagine this is discussed in the past if you look it up. Has anyone been reprimanded for doing this? Might be best to get permission from the prior client to disclose information.

 

[tkrea]

Which part violates USPAP? The potentials I see are giving assignment results that are confidential such as the prior appraised value and if its a NO it asks to explain the change in the opinion of value. I imagine this is discussed in the past if you look it up. Has anyone been reprimanded for doing this? Might be best to get permission from the prior client to disclose information.

Thank you for quick advise. Lender cancelled this order...

 

[Fernando]

Which part violates USPAP? The potentials I see are giving assignment results that are confidential such as the prior appraised value and if its a NO it asks to explain the change in the opinion of value. I imagine this is discussed in the past if you look it up. Has anyone been reprimanded for doing this? Might be best to get permission from the prior client to disclose information.

Client is same AMC. If AMC request to change lender name, isn't it up to the client?

 

[Tom4value]

Client is same AMC. If AMC request to change lender name, isn't it up to the client?

The AMC is NOT the client! The lender is. The AMC is just a third party facilitator.

 

[Tom4value]

Hello, Appraisers. I got AR license last year.

I submitted 1004 appraisal report (conv, refi) with condition (CO detector to be installed) 1 month ago to AMC with 1st lender. I received order from same AMC with 2nd lender, they want me to revise effective date and lender name. I said no, it is USPAP violation.

Then they requested 1004d with 2nd lender name on the report. I said "NO, it is still USPAP violation, 1004D should be on same lender name (1st lender). and new 1004 assignment is needed from new lender".

AMC doesn't understand why I can't handle this and told me 1st lender transferred my appraisal report to 2nd lender and most appraisers accept order like this (lender name change). and AMC wanted me to send them USPAP sentence where this order is violation so that AMC requests new 1004 order to 2nd lender. AMC is worry about deal killing and decreasing market status if new order is needed.

I thought borrower name, subject address and original value box on 1004d is still confidential information even though appraisal report can be transferrable between 1st lender and 2nd lender, this transfer is not working for appraiser. And I left comment like that 'this report is only for 1st lender' on my original report.

My question is am I wrong to decline this 1004d order (2nd lender name on 1004d)? and what clause of USPAP do I send to AMC? or can I do this 1004d order (with 2nd lender name on 1004d report)?

Below link on AI website is only what I found, but that link is not for 1004d. Please. advise me. Thank you.

Appraisal Institute Readdressing, Reassigning, Reappraising

This resource provides guidance on how to handle readdressing, reassigning and reappraising requests in compliance with standards and ethics requirements.

www.appraisalinstitute.org

You may be new to the business but you learned your stuff! You handled this correctly. You did the appraisal flor client A and the 1004D refers to the report for client A.

Now it happens all the time that different lenders can transfer appraisals between each other but one of the stipulations is that they are not to ask the appraiser to change ANYTHING in the report. I have a client that gives me new construction assignments and then their parent company oversees construction. I give the 1004D to the parent company but I don’t change the lender name. They are fine with that.

 

[tkrea]

You may be new to the business but you learned your stuff! You handled this correctly. You did the appraisal flor client A and the 1004D refers to the report for client A.

Now it happens all the time that different lenders can transfer appraisals between each other but one of the stipulations is that they are not to ask the appraiser to change ANYTHING in the report. I have a client that gives me new construction assignments and then their parent company oversees construction. I give the 1004D to the parent company but I don’t change the lender name. They are fine with that.

Thank you! I researched again and found many post similar to this issue.

 

[sputnam]

It's not a USPAP violation. It's a new assignment. You do need to diclose the Client for the appraisal on the 1004D... along with the Client for the 1004D.

 

[Tom D]

you cannot change client on the original appraisal, but a 1004d for condition/repair request, not an update of value request, is not an appraisal. you can have a different lender/client requesting it, a monkey can do it. 1004d can have different clients, but 1004d value update requires an appraiser but still can be a different client, new assignment. it happens a lot with reverse mortgages where the owner is given a year to do repairs, and by then it's the servicing company asking for it. the term 'appraisal' was redefined years ago by USPAP, it is only applied to anything that requires any value number, or a description of any number/numbers.

 

[shrubberyvaluation]

you cannot change client on the original appraisal, but a 1004d for condition/repair request, not an update of value request, is not an appraisal. you can have a different lender/client requesting it, a monkey can do it. 1004d can have different clients, but 1004d value update requires an appraiser but still can be a different client, new assignment. it happens a lot with reverse mortgages where the owner is given a year to do repairs, and by then it's the servicing company asking for it. the term 'appraisal' was redefined years ago by USPAP, it is only applied to anything that requires any value number, or a description of any number/numbers.

So what do you do when its not complete and it says something to the effect on how it effects the opinion of market value? This makes it an appraisal?