2nd lender wants appraisal in their name

[CANative]

I believe what is really going on is lenders are requiring things that FHA / HUD does not specifically for purposes of getting the mortgage broker (and mortgage broker's appraiser) on the hook for liability purposes.

I think what's going on is FHA approved lenders are working the system by accepting deals in which a non-licensed broker and others are co-brokering and playing games with the appraisal is required for "sanitizing" the case file They've become accustomed to appraisers rolling over and being unwitting (dimwitted) co-conspiritors for what amounts to chump change.

 

[Webbed Feet]

I think what's going on is FHA approved lenders are working the system by accepting deals in which a non-licensed broker and others are co-brokering and playing games with the appraisal is required for "sanitizing" the case file They've become accustomed to appraisers rolling over and being unwitting (dimwitted) co-conspiritors for what amounts to chump change.

Mr. Boyd,

We may both be right. ... Unfortunately, for those slow witted appraisers, some of these activities could be of federal lending fraud levels.

------> Good Message: Call your HOC, call your appraisal board. Stop asking appraisers what to do unless they are buddies and have told you they have called your HOC and your appraisal board already.

 

[Greggnvegas]

Was reading some old threads here about lenders transferring the FHA case #. I was contacted by lender B who naturally wanted me to "change the name" on the appraisal. I did inform them that I could not do that and referred them to the FHA rules. Problem is 1.) other appraisers do change the name when they should not and 2. How can a company that has done FHA transfers NOT know this?
I tried to ask WHY does the appraisal HAVE to be in their name and I get the 5 year old kid answer... because. Then I asked because what? Because it is required. Required by whom? Just required. Until the lenders and appraisers realize that we cannot change any info on the appraisal, this will continue to be an issue.

 

[Pamela Crowley (Florida)]

This really is very simple. Once you've finished your FHA appraisal report and delivered it to your client for that ONE appraisal report, you are basically FINISHED with that deal. Outside of stips from ONLY that original one and only client, you are NOT to discuss, change, deliver ANYTHING, to ANYBODY else.

It's FHA. If you do not know the FHA appraisal rules and regs, please don't do FHA appraisals.

 

[RSW]

Well said, Pam!