2nd lender wants appraisal in their name

[Carnivore]

Those three simple desktops began and ended my one week relationship with BOFA. I did get paid. woo hoo

The real lesson here for any new people is simply have your ducks in order and all your official docs laying on the table.

The gal I spoke with got irritated when I started reading verbatim to her just what HUD says about it. she kep trying to interrupt me by saying stupid suff aobut all her other appraisers.

 

[ZZGAMAZZ]

Carnivore: I thought I had this issue nailed, finally, until your Post# 59 appears to imply that you changed the client name and gave client two the original appraisal with a different signature date. Please clarify.

 

[Riick]

The gal I spoke with got irritated when I started reading verbatim to her just what HUD says about it.
She kept trying to interrupt me by saying stupid stuff about all her other appraisers.

I got the very same stupid cr@p from phone monkey at my least favorite AMC (LandAm).
Finally, I drove the poor dear into a frenzy of anger; she sent my call to a Supervisor,
who -learning what she'd been insisting on- proceeded to ream her a new orifice.

Try it, you'll like it.

 

[ZZGAMAZZ]

Ok here's another twist:

The intended users are HUD and a mortgage broker, and the report was conditioned subject to.

Wells Fargo calls for a client name change several weeks later, which I refused to provide.

Now I receive a C.I.R. from Wells Fargo for the follow-up inspection. Should I conduct the C.I.R. with the original client name on the C.I.R.--although that client is not ordering the C.I.R.--but send the report to the Wells Fargo, who is now the client according to the MB, although I realize that might not matter.

 

[ZZGAMAZZ]

gees...i'd like a new o... woops I thought you said "office"...

 

[Carnivore]

Carnivore: I thought I had this issue nailed, finally, until your Post# 59 appears to imply that you changed the client name and gave client two the original appraisal with a different signature date. Please clarify.

No I have not done anything yet. What I have now is the FHA Connection sheet indicating BOFA is now the lender for the case number orignally assigned to another lender. BOFA was not able to get a copy of the orignal report from the prior lender because they apprently dont exist anymore. That is BOFA's problem. That is what BOFA explained to HUD on why there was a transfer/assignment needed as opposed to just using the other report.

So far so good. I now have HUD blessing BOFA, I have an engagement letter from BOFA for an appraisal that they agreed will have the original effective date and it will have a new signature date. Additionally the report I give to BOFA will also reference the prior report just for a little overkill on my part.

The point is everyone had to go through the Chinese firedrill to get what they wanted.

Am I wrong? If so how?

 

[ZZGAMAZZ]

Carnavore:

In a version of "I'll show you mine if you show me yours," I'll give you my insight--admittedly of very little renown--into your issue if you respond to my post #64, which also is a real life scenario.

And just to muck things up a bit, how can you replicate the original appraisal without the effective date being retrospective.

Caveat to paragraph one: I have no insight into your scenario. Each time I think that I understand the FHA intended user issue, another scenario is described. IMO I don't see how you could go wrong what with all of the t's being cross & i's being dotted, but like you implied the "process" is interfering with the appraisal and at some point in time the effort outweighs the returns...????????????

 

[Carnivore]

Ok here's another twist:

The intended users are HUD and a mortgage broker, and the report was conditioned subject to.

Wells Fargo calls for a client name change several weeks later, which I refused to provide.

Now I receive a C.I.R. from Wells Fargo for the follow-up inspection. Should I conduct the C.I.R. with the original client name on the C.I.R.--although that client is not ordering the C.I.R.--but send the report to the Wells Fargo, who is now the client according to the MB, although I realize that might not matter.

Simple answer; No!

You situation is really no different then mine. This is a procedural issue.

Ask yourself when the client relationship with Wells Fargo was created. The answer is; there has not been a client relationship created. You have no assignment. Why because you have not or are not willing to agree to there terms and conditions. Contracts law 101 and something about it in USPAP and HUD stuff.

If you do attempt to come to terms remember there are regulatory requirements imposed upon both you and Wells Fargo. The ball is in there court first if I understand the rules correctly. This is where the fun is going to begin. Wells Fargo is going to try and bully you into just doing something Quickly and cheaply because you are a plantation worker(inside story that Al, aka workbox and I have discussed). They are the plantation owner.

 

[Carnivore]

Now I am having second thoughts.

If the intended user is the original lender and FHA/HUD and since HUD has now assigned the case number to BOFA.

Seems like BOFA should get a copy of the original appraisal from HUD?

I have combed through all the 4XXX.XX and HUD FAQ's and can not find this answer or procedure.

If I change the name like BOFA wants, use the rignal effective date and apply a new signature date, then I have created a new appraisal(retrospective view) and a new appraisal report. This clearly is not what was mean t by HUD.

Additionally, the claim BOFA made to me the other lender is Kaput, is not really true, The original Client was Bear Streans.
I thought they were still around?


Geeez I hate this. The original process was meant to take the appraiser out of it! Somehow BOFA has managed to drag me back into this.

 

[Mike Seward]

With a conventional appraisal, Bear Sterns (now owned by Chase) is still your client; BofA is not unless they order a new appraisal.
With HUD/FHA transferring the case number to BofA, is BofA now your client in FHA's eyes? If so, who wins that battle of FHA vs. USPAP?