Corrected Repairs as revision

[Surf Cat]

I saw the property with its noted defects on effective date.
Client sent me photos after effective date showing defects been corrected.
I added client's photos as addendum to my report after effective date and I noted it was done after effective date. What's the problem?

The problem is, the way you handle it wasn't standard protocol. Even though you made the original appraisal as is, the lender saw it fit to have the repairs done on the subject prior to funding the loan.

"You" should have went back out inspected, and photographed that the indicated defects were corrected via a 1004D and got paid for your work. The way that you did it, it empowers the AMC's to continue to ask appraisers to do extra work for free.

Did the photographs come with a letter of attestation from the borrower, or did you just take their word for it?

 

[Tim Hicks (Texas)]

I saw the property with its noted defects on effective date.
Client sent me photos after effective date showing defects been corrected.
I added client's photos as addendum to my report after effective date and I noted it was done after effective date. What's the problem?

Do you know what the term "effective date" means? Were the repairs done before the effective date? How can you comment on something that has not occurred yet?

 

[Dublin ohio]

I added client's photos as addendum to my report after effective date and I noted it was done after effective date. What's the problem?

Did you sign and date the addendum, did you use an ea for the photos?

 

[Tim Hicks (Texas)]

The underwriter can accept the letter of attestation with pictures from the borrower or provide that to you to include in a 1004D, but that did not happen did it?

When a lender sends me pictures of completed repairs and they ask if that is all I need? I tell them that is up to the underwriter to decide whether they want to accept the borrower's photos. Or does the underwriter need me to do a 1004D and take my own pictures. It ALWAYS turns into a 1004D assignment with my pictures.

Lenders and processors quite often think that completed repairs can be handled in a revision. I always explain that any repairs that happen after the effective date whether a condition of the appraisal or not must be handled in a 1004D from me. When I point out the underwriter can accept their photos or the underwriter can ask me to do a final inspection. It is up to the underwriter what they need. Not the lender and certainly not the appraiser.

You have been played and you played along willingly.

 

[Surf Cat]

You have been played and you played along willingly.

Fernando should have known better to do a 1004D. He can do the process the way he did it with a letter of attestation from the borrower for the photos, and a comment in the addendum stating the appraisal has been revised, the effective date and value remains the same, and the signature date has changed. Fannie does allow this.

I feel the 1004D is a more accurate way though. Plus, I don't like to work for free.

Having said that, with GSE work primarily going through AMC's, they bear a responsibility to have the process done correctly for the lender. But they're not thinking of dotting the i's and crossing the t's. They're only thinking increase the bottom line. If the unsuspecting appraiser doesn't know any better and puts their license in jeopardy.....oh well.

 

[Tim Hicks (Texas)]

Fernando should have known better to do a 1004D. He can do the process the way he did it with a letter of attestation from the borrower for the photos, and a comment in the addendum stating the appraisal has been revised, the effective date and value remains the same, and the signature date has changed. Fannie does allow this.

I feel the 1004D is a more accurate way though. Plus, I don't like to work for free.

Having said that, with GSE work primarily going through AMC's, they bear a responsibility to have the process done correctly for the lender. But they're not thinking of dotting the i's and crossing the t's. They're only thinking increase the bottom line. If the unsuspecting appraiser doesn't know any better and puts their license in jeopardy.....oh well.

In the many, many times I have received pictures from the lender I have never been provided a letter of attestation. Just "here is the pictures, can you revise the report?"

 

[Surf Cat]

That's "exactly" what happened in this case.

 

[sputnam]

Charge them, hahahahahaha.

Not sure why that's funny. If a Client want's services from me, they pay for them.

 

[Tom D]

With a letter of attestation, something fairly new from fannie, i think the lender doesn't understand that this is in leau of the appraiser re inspecting. They don't need the appraiser, period. That is the purpose of this attestation which is mainly used for simple items. The appraiser request is like a double positive, but without paying the appraiser. I would do it for my direct clients for free, if they asked. They all treat me very well. But that is a business decision.

That being said, where does it say that is has to be on a 1004d form. Since we are allowed to revise the appraisal anytime with a new signature date, then you can put that in the original appraisal with the proper statements. Some of you try to act like appraiser rules perfectionists.

 

[Dublin ohio]

That being said, where does it say that is has to be on a 1004d form. Since we are allowed to revise the appraisal anytime with a new signature date, then you can put that in the original appraisal with the proper statements. Some of you try to act like appraiser rules perfectionists.

The issue with the OP is not about the 1004d, it is about changing the report without a new report or effective date. Hasn't the subject property actually changed since the original effective date since repairs have been done?