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borrower's request for appraisal

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grasshopper

Thread Starter
Freshman Member
Joined
Aug 20, 2007
Professional Status
Certified Residential Appraiser
State
Florida
I know this may sound like a no-brainer; I have searched the forum and cannot find the answer. A borrower and her insurance company have made recent requests for copies of two appraisals that were performed earlier this year. My client ("intended user") was XYZ Mortgage Co. and they have since gone out of business. However, they still have XYZ Title Co. Said title company has called and given me verbal approval to release copies of the appraisals to the borrower's insurance co. My gut instinct tells me no way should I provide copies of appraisals for anyone other than the original client; maybe I'm just being paranoid. Any thoughts on how to accommodate without increasing my liability?
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
Unless the Client gives you written permission to release a copy then they are out of luck. It is not your fault that the client is out of business-they should have asked at the closing for a copy.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
The principle is right but practically speaking what can a non-entity (prior client out of business) do about it? And why would they care enough to do something about it?

More practically speaking, I wouldn't give them a copy because there would be nothing in it for me except additional liability considering the borrower wants it for her insurance company.

No copy. Denied!
 
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Alison Swain

Senior Member
Joined
Sep 13, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Besides, why would you want the insurance company to rely on your report (specifically the CA) for their purposes? So you can have one more party you (and your E & O) are liable to? :Eyecrazy:
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I would not release it without a huge disclaimer attached which explicitly states it is not for insurable value purposes
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Disclaimer Notice:
I hereby deliver this appraisal report to zzz Insurance Company but it is not to be used for insurance purposes.

:Eyecrazy:
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
Frankly .. Id refuse as your client didnt give you permission. The title company, no matter their name, wasnt your client and you cant take their word for it.
Just say NO ... Nancy Regan had a great idea with that one.
 

Tucson Appraisals

Junior Member
Joined
Apr 12, 2007
Professional Status
Certified Residential Appraiser
State
Arizona
Another liability is the fact that the home owner does not (typically) know how to understand an appraisal report and may think something is wrong with it and turn you into the appraisal board. Why would you want THAT headache?
 

Rich Heyn

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Michigan
From recent ASB Q&A

When does Appraiser-Client Confidentiality End?
Question: I performed an appraisal assignment for a lender client who has subsequently gone out of business. Now the borrower is requesting a copy of the appraisal from me since the company is defunct and there is no way to contact them. Does my obligation for appraiser-client confidentiality end since the client no longer exists?

Response: No. USPAP has no provision for terminating appraiser-client confidentiality. An appraiser is required to comply with the requirements of the Confidentiality section of the ETHICS RULE, regardless of the status of the client.

http://www.appraisalfoundation.org/s_appraisal/bin.asp?CID=12&DID=1110&DOC=FILE.PDF
 
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