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Change Contract Section And Lender Information?

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ipari21

Sophomore Member
Joined
Apr 17, 2008
Professional Status
Certified Residential Appraiser
State
California
Hello everyone,
I did an appraisal on July for FHA work, yesterday, I received email to request lender change and borrower's name and new contract information.
Newer contract was done after effective date, but same FHA case number.
Have anyone same experience?
Can I do change the lender / contract information at this time? Newer agent provided to me the release letter from old lender.
This is first case for me. Please advise. Thank you !
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
Can I do change the lender / contract information at this time?

Simple answer is no, you cannot change the borrower's name or contract information. FHA appraisal go with the property no matter if the lender's name changes or borrower changes, etc.

Read the manual.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Simple answer is no, you cannot change the borrower's name or contract information. FHA appraisal go with the property no matter if the lender's name changes or borrower changes, etc.

Read the manual.

Read USPAP as well. It's all in there. The answer is not only no but hell no.
 

Jim Onderisin

Senior Member
Joined
Sep 15, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
I attended the Atlanta HOC's 2016 training "show" in Chicago Sept. 15. The trainer, Malcom Jefferson, did not address the specific situation you describe. But, he said a mortgagee (lender) may transfer an existing appraisal to a new borrower with a new contract. In that instance, he said the lender could go to the appraiser and ask that the contract be reviewed, the borrower's name changed, and value implications of the new contract considered. Case number remained the same. Note that the situation did NOT assume a new lender.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
If you change the lender name and review the contract that is the new assignment. The original lender is your client, not the new lender. You have no obligation to oblige the new lender.

FHA appraisals are portable. They go with the property even if the lender is changed or the borrower is changed.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
If you change the lender name and review the contract that is the new assignment. The original lender is your client, not the new lender. You have no obligation to oblige the new lender.

FHA appraisals are portable. They go with the property even if the lender is changed or the borrower is changed.
:clapping::clapping::clapping::clapping:


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