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Changing a Broker Company Name on Appriasal

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JackG in CA

Thread Starter
Freshman Member
Joined
Feb 11, 2008
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Real Estate Agent or Broker
State
California
I am a mortgage broker who recently changed companies. The loan I am working on has the previous brokerage's name on it. My client paid for the appraisal at the time it was completed. The property is in Idaho.

In order to submit the loan with my new company, I need the appriasal to reflect this new company's name. However, the appraiser is telling me that he is not allowed, by law, to change the company name on an appraisal.

My questions is; can this be true? What options do I have if the appraiser will not cooperate?

Thanks for any help you can provide.

Jack
 

Fred

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Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
My questions is; can this be true? What options do I have if the appraiser will not cooperate?
Yes, it can be true, and you options are: 1) to hire another appraiser or 2) to forget about this deal.

It may sound like nit-picking from where you sit, but you won't find one appraiser on here - well, except many for this one guy - who is going to do anything that looks like changing the address on a certified document.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Your appraiser is correct (I don't know about breaking the law... it's more like a guideline Arrrrr). Appraiser can't just change the name on an appraisal because each assignment is unique and the first step is identifying the client and intended user(s).

You would have to order a new appraisal. If the same appraiser is hired and the prior assignment was very recent, most appraisers will offer a discount. But they don't have to.

Edit... LOL. I just saw the last comment in the original post about appraiser cooperation. Appriser's are not supposed to "cooperate."
 
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JackG in CA

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Freshman Member
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Feb 11, 2008
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Real Estate Agent or Broker
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California
Thanks Steven

Steven,

I appreciate the help! That just amazes me. Changing the place that will submit the loan - especially after it is paid for - won't change any of the material facts about the appraisal itself.

In getting feedback from the broker/lender side, it was viewed as unheard of for this to not be done by the appraiser. Others who I spoke to have had this done, when necessary, without a problem. Very strange situation.

Thanks again. I appreciate you giving me some insight from the appraiser's side.

Jack
 

JackG in CA

Thread Starter
Freshman Member
Joined
Feb 11, 2008
Professional Status
Real Estate Agent or Broker
State
California
"Cooperate"

Thanks Greg. I appreciate your response. When I used the word "cooperate" I was only given information from the broker/lender side. All those I had spken to were shocked that this could not be resolved. My impression was the appraiser was being difficult.

Thanks for taking the time to respond and help me understand the siutation better.

Jack
 

Rice Brewer

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Dec 14, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
In getting feedback from the broker/lender side, it was viewed as unheard of for this to not be done by the appraiser. Others who I spoke to have had this done, when necessary, without a problem. Very strange situation.

Actually, it is not strange at all. An appraisal and report thereof (yes, they are two different things) is good for one client, on one property, as of one date. If any of those things change, it is a new assignment.
 

Cob

Senior Member
Joined
Mar 30, 2006
Professional Status
Certified Residential Appraiser
State
Texas
If you work for a lender or mortgage company then I would think that you would know what your rules are in the mortgage field. One rule is that you can use any appraisal for the borrower with ANY company name listed as the client. In other words your company can use the first appraisal with the original client name, NO PROBLEM or questions asked.

The problem comes when the new mortgage company wants their name placed on it, they want this in case any thing should come up, e. g. you can not sue the appraiser as he never really did the appraiser for the new company. It's all about liability and most appraisers are not willing to take that risk and have two appraisals out there that they can get sued for all for the price of one.:laugh:
 

fritzvogel

Senior Member
Joined
Dec 16, 2004
Professional Status
Certified Residential Appraiser
State
New York
How many of us charge a "fee" to change a lender/broker name and address on a report? I HOPE WE ALL DO! Reopen, download, save as new report, change names, adresses, re-email...if it costs me time it costs me money, pay me you *&%^ telemarketer. Amasing the ignorance of LO/MB....I love the "could you just change the report to FHA" ?.... get a grip on the banking department and stop this ****.......
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I am a mortgage broker who recently changed companies. The loan I am working on has the previous brokerage's name on it. My client paid for the appraisal at the time it was completed. The property is in Idaho.

In order to submit the loan with my new company, I need the appriasal to reflect this new company's name. However, the appraiser is telling me that he is not allowed, by law, to change the company name on an appraisal.

My questions is; can this be true? What options do I have if the appraiser will not cooperate?

Thanks for any help you can provide.

Jack

You need to request a new appraisal.

The appraiser may prefer not to have the effective date of this new appraisal be the same as the first appraisal.

And, yes, it is correct that a request for the appraisal of a property previously appraised by an appraiser is nothing more than a new request for an appraisal.
 

amluscombe

Sophomore Member
Joined
Jan 18, 2007
Professional Status
Certified Residential Appraiser
State
Iowa
These guys are correct. Per USPAP, appraisers cannot simply "change a name" for several reasons. I'm sure one of the more experienced appraisers will expound on this for you soon. I think your options are to order a new appraisal from the current appraiser (most will cut you a deal on price), request the report from the old lender (from what I understand this can be done without appraiser involvement at all), or get another appraiser to complete a new appraisal. There are some very wise professionals on this forum.
 
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