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1004d Update

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Sierra Dale

Junior Member
Joined
Mar 31, 2006
Professional Status
Licensed Appraiser
State
Nevada
I completed an appraisal almost a year ago for a bank. Today I received a request for the 1004D that from the same bank but from a different department with a different address and new loan number. The original loan was for refinance and this new loan is for a home equity loan. I told them that they need a new appraisal. I do not believe I am wrong.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
I completed an appraisal almost a year ago for a bank. Today I received a request for the 1004D that from the same bank but from a different department with a different address and new loan number. The original loan was for refinance and this new loan is for a home equity loan. I told them that they need a new appraisal. I do not believe I am wrong.
That is a pretty presumptuous statement that you made to them. Unless you know the requirements of their home equity loan program, how would you know what they need? A so-called appraisal update reported on form 1004D is perfectly acceptable for many loan programs if the original appraisal has an effective date less than 1 year ago.

Whether you want to accept the assignment and what you charge for such a service is a business decision, but it is really not your place to tell the lender that they need something different.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
You are correct.

New effective date of value, new appraisal
 

BRCJR

Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
That is a pretty presumptuous statement that you made to them. Unless you know the requirements of their home equity loan program, how would you know what they need? A so-called appraisal update reported on form 1004D is perfectly acceptable for many loan programs if the original appraisal has an effective date less than 1 year ago.

Whether you want to accept the assignment and what you charge for such a service is a business decision, but it is really not your place to tell the lender that they need something different.
Isn't what they need indicated by the 1004D request? Aren't they requesting a more current opinion of value? if not, why not use the less than one year old appraisal?
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Isn't what they need indicated by the 1004D request? Aren't they requesting a more current opinion of value? if not, why not use the less than one year old appraisal?
I agree and think that is pretty clear....apparently the OP thinks she knows more about what the lender needs than the lender itself.
 
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