appraisal copy - who is entitled and why

[TEL2002]

I think you should have asked for a copy of the report when you agreed to pay for it.

 

[Howard Klahr]

Well George,

Unfortunately for you, this is not new territory, unique or any other restrictive adjective that you may choose. In fact it has been in existence since USPAP was first issued and licensing was established, if not in the code of ethics that existed prior to that. The confidentiality rule explicitly prohibits disclosure of confidential information including assignment results to anyone but the client or those that are specifically designated by the client except for a couple of very limited and defined situations. Payment of the assignment fee is not one of them. Therefore, since you are not the client nor were you designated by the client to be an intended user or a recipient, you are in fact not entitled to the report.

In fact, even the borrower is not entitled to a copy of the report from the appraiser. The regulations governing the provision of the appraisal to a borrower are federal banking and fair credit legislation and regulation. These regulations that govern provision of the appraisal report to the borrower place the requirement on the lender, not the appraiser.

As a licensed professional that holds himself out as an “expert” within the field of valuation, one would expect that you are at least aware of the USPAP issue. However, as someone who performs assignments for lending purposes, it might also be reasonable for someone to expect that you would also be aware of the lending and banking regulations since they have such a considerable influence on what you do. Let alone those contained within the fannie mae guidelines.

Your claim in support of your lack of familiarity with these regulations and standards is that the Denver HOC did not have the answer is just as absurd. Since this is not a HUD or FHA issue why would they be the experts as to this issue?

Since this seems to be so new to you that you are not even aware of the regulations governing the profession to which you appear to have chosen to belong, maybe you should send your questions to "Ask Howard". Your assertion that it is a “grey area” can be put to rest by the numerous references from multiple sources on this topic provided by several other members of the forum. So then yes, please excuse my astonishment at the fact that, yes you should have known better because you are a certified residential appraiser. And for your information, this is addressed in the FAQ’s of USPAP already.

 

[AnonApprsr]

George, how can you be an appraiser? I mean, I'm retarded, but you.... you're special!

 

[Kevin A. Spellman]

The first mistake is the sales contract in respect to financing clause.

In the event the buyer seeks a FHA loan all costs will be the responsibility of the buyer. In the event additional costs are imposed by a lender such as a second valuation service a credit will be issued at closing for a second appraisal if requested prior to 10 days before closing. The seller is not responsible for any costs imposed by a lender to secure a mortgage.

You should not care about the opinion of an appraiser or his or her findings. You should only be concern about the deed-signing pen in your hand and not a copy of any other document. Just sell the property and get this economy moving and get on to another project.

 

[Mike Boyd]

You are basing your premise on who is paying for the report. That is NOT why the buyer is entitled to a copy.

 

[kevingrehan]

The intended user is the ONLY entity, entitled to the appraisal. From there, it is they're appraisal. (use to evaluate a mortgage related transaction). Per law (I THINK), the lender has the obligation to provide the borrower a copy within 3 days before closing. If it is a law. I don't know for sure because I am not a lender. But, I do know for sure that as an appraiser, the intended user is the only entity allowed to have a copy of the report from you. (unless they give you permission, blah blah).

 

[Rich Heyn]

The intended user is the ONLY entity, entitled to the appraisal. From there, it is they're appraisal. (use to evaluate a mortgage related transaction). Per law (I THINK), the lender has the obligation to provide the borrower a copy within 3 days before closing. If it is a law. I don't know for sure because I am not a lender. But, I do know for sure that as an appraiser, the intended user is the only entity allowed to have a copy of the report from you. (unless they give you permission, blah blah).

Not to be picky, but the client is the only entity to which the appraiser reports, unless otherwise directed by the client. In other words, if there are other intended users in addition to the client, the appraiser is not free to disclose assignment results to them unless specifically authorized by the client.

 

[kevingrehan]

Not to be picky, but the client is the only entity to which the appraiser reports, unless otherwise directed by the client. In other words, if there are other intended users in addition to the client, the appraiser is not free to disclose assignment results to them unless specifically authorized by the client.

Not picky, you just do a better job of explaining things. Thanks! I know, I just don't know how to say it.

 

[Carnivore]

Not to be picky, but the client is the only entity to which the appraiser reports, unless otherwise directed by the client. In other words, if there are other intended users in addition to the client, the appraiser is not free to disclose assignment results to them unless specifically authorized by the client.

Your right as usual, Rich. Frankly I think the terms Intended use and Intended User should be dropped entirely.

We should have Client and Purpose. Less confusion. Let the client worry about who does or does not read it.

 

[Rich Heyn]

Your right as usual, Rich.

If only I could get my wife to say that.