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Borrower Shops Loans

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Blue1

Thread Starter
Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
More and more borrowers are 'shopping' their loans. Sometimes they do it even while an appraisal is in progress.

Scenario...

Appraisal ordered by Bank A, appraiser inspects property but, when arriving back at the office gets a message that the assignment is put on hold.

1 week later assignment is still on hold with Bank A...Appraiser gets a message from the borrower who is now going to another lender. (Bank B)

I know its a new order when the first assignment is finished.....but how about when it is in process? Looked up USPAP but didn't see anything specific.
 

Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
A new order is a new order. There is no issue as long as bank b ordered from you without input/suggestion by the subject's owner/borrower.
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
A new inspection is required by USPAP unless you are doing a retrospective appraisal for a date BEFORE your order from Bank B.
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
Sorry for the quick post confusion. I was trying to point out that if Bank B wanted an appraisal with an interior inspection, then the order would have to be for a retrospective appraisal if the appraiser wanted to reuse the old inspection. A new interior inspection would be required to show an effective date AFTER the order date.
 

Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Does USPAP require inspections?

It has never been an USPAP requirement.

SOW depending on the client's instructions. It is a new report, if the client wants an interior inspection I would walk thru the subject again. I would prefer another personal inspection to confirm there were no changes, damage, etc.
 
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