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Client Change

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lhilton

Sophomore Member
Joined
Feb 15, 2008
Professional Status
Certified Residential Appraiser
State
West Virginia
Its been a while since I have had a request like this. I did an appraisal for a private client (individual) and he has now found a lender he wants to work with. The lender wants me to change the client name on report to the lender's name. Can I do this ? Or would it be better to add them as : Per client's request Bank ABC has been added as an intended user " ?
 

lhilton

Sophomore Member
Joined
Feb 15, 2008
Professional Status
Certified Residential Appraiser
State
West Virginia
Nevermind, I found it in USPAP AO 26
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Bank law applies to the banker. They are not supposed to rely upon an appraisal prepared for the borrower. Not your direct problem but....
 

andrew81

Senior Member
Gold Supporting Member
Joined
Dec 5, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
Glad you found it!

it is a new assignment, however this doesnt mean you have to rewrite the entire report or remeasure the home

a prior report can be cloned, relevant information changed (client, intended use, intended users, effective date, prior services, current market data, etc), and if an inspection is necessary as of the effective date then go back and walk through it again

the level of work depends on the requirements to meet the scope of work as of the effective date

the new report must contain sufficient information to be meaningful and not misleading to the intended users


edit///

what terrel said too, lender requirements are they have to be the client

Interagency Appraisal and Evaluation Guidelines said:
An institution or its agent must directly select and engage appraisers. The only exception to this requirement is that the Agencies’ appraisal regulations allow an institution to use an appraisal prepared for another financial services institution provided certain conditions are met
 
Last edited:

Tony V

Elite Member
Joined
Mar 29, 2005
Professional Status
Certified Residential Appraiser
State
New York
Its been a while since I have had a request like this. I did an appraisal for a private client (individual) and he has now found a lender he wants to work with. The lender wants me to change the client name on report to the lender's name. Can I do this ? Or would it be better to add them as : Per client's request Bank ABC has been added as an intended user " ?

You did a private appraisal report that was not for lending, what form did you use??
 
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