They are, Michael. The title company provides the lender with all the legal documentation that answers all the questions and solves all the problems.
This is not an appraiser issue. What this lender is asking for has absolutely no value to them. It's just busy work for the appraiser to waste their time with. They already have the valuable documentation from the title company.
If a lender has such a ridiculous requirement that the owner of public record on the appraisal be the one that they want to see in their loan documents, then they should be getting that verified before the appraisal is assigned. It is simply not an appraisal issue.
Appraisers are obligated to report what the recorder had on the effective date. Period.
In my mind this "moving goal post request" after delivery is just one of many that appraisers have to fend off. Where does it stop?
One might say it's simple to do and makes for happy clients, so why not? That might be OK for a single instance but a single instance is not what I'm talking about.
Appraisers see these "moving goal post" requests for work not related to the appraisal with increasing fequency. They want addenda for everything under the sun, updates to show changes in title, occupancy, purchase agreements, physical changes to the property, other experts inspections, repairs or improvements not conditioned in the appraisal, subsequent sales data after the effective date, etc, etc.
And none of this stuff has anything to do with the credible appraisal as of the effective date nor does it make the appraisal any more valuable to the bank.
The requests designed to get a free update are the worst, of course, but I'm just extremely annoyed by after the effective date type "matching" requests. They simply don't need it.
