2nd lender wants appraisal in their name

[SANDY]

Yep-Michael has got this issue nailed down! Only question left is how many more times will he have to post it?

 

[Michael Tipton]

Yep-Michael has got this issue nailed down! Only question left is how many more times will he have to post it?

Until the question isn't asked again.

 

[Doug in NC]

It's starting to get comical with this lender. Despite explicitly telling him in writing I cannot do an appraisal for his office, he has yet again requested how he can get an appraisal from me. Talk about someone who refuses to comprehend or follow HUD guidelines. :new_smile-l:

 

[OSU Beavers]

Now what?

I finally got a somewhat definitive answer (FHA rep didn't sound too sure of herself). The lady I spoke with at FHA paged through her manual and determined that, YES, lender 2 needs to request a transfer of the appraisal from lender 1 (when an appraisal is less than 6 months old). Glad I finally got lender 2 off my back on this one. Will know how to handle it more quickly next time though.

I have a similar issue. Lender 2 wants me to "assign" the appraisal to them. I told them to ask Lender 1, but Lender 1 went out of business!

Is the borrower SOL for six months since I can't even send Lender 2 the original report without permission from Lender 1?

 

[RSW]

I have a similar issue. Lender 2 wants me to "assign" the appraisal to them. I told them to ask Lender 1, but Lender 1 went out of business!

Is the borrower SOL for six months since I can't even send Lender 2 the original report without permission from Lender 1?

That's about it!

 

[Michael Tipton]

I have a similar issue. Lender 2 wants me to "assign" the appraisal to them. I told them to ask Lender 1, but Lender 1 went out of business!

Is the borrower SOL for six months since I can't even send Lender 2 the original report without permission from Lender 1?

The new lender sends a letter the their HOC. See attachment.

 

[OSU Beavers]

Thank you.

 

[jtinmichigan]

Most of the problem with these is that even though client B can use a report prepared for client A, most of these clients want the report in their name so that when they come back to sue you, they can show the judge that you prepared a report directly for them. Not that the judge wouldn't hold you liable anyways........

 

[ghrousseau]

...just spent 3 days going back & fourth w/new lender, original lender, and FHA HOC (Philadelphia)... WE CAN NOT CHANGE CLIENT on an existing FHA report; the original client can transfer the report to a new lender, but WE stay out of the process. Once a given FHA Case# is assigned to a given property/report, it cannot be "updated" to accomodate a new lender.

No way am I going to jeopardize my status as an FHA appraiser for a quick buck without explicit instructions from FHA to do anything other than what FHA protocol mandates.

This is how it works on broker loans my company closes. We are a approved lender with HUD. HUD approved brokers submit the loan file to us with the appraisal report naming them as the lender/client. The case number is assigned to our company and we close the loan in our name with the appraisal report unchanged.

 

[Mike Boyd]

...just spent 3 days going back & fourth w/new lender, original lender, and FHA HOC (Philadelphia)... WE CAN NOT CHANGE CLIENT on an existing FHA report; the original client can transfer the report to a new lender, but WE stay out of the process. Once a given FHA Case# is assigned to a given property/report, it cannot be "updated" to accomodate a new lender.

No way am I going to jeopardize my status as an FHA appraiser for a quick buck without explicit instructions from FHA to do anything other than what FHA protocol mandates.

You are correct. Keep in mind, the report is for FHA. The lender is entitled to USE it but cannot demand that their name be on it.