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Correction Requests. How Long Is Too Long?

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Timeismoney72

Sophomore Member
Joined
Jan 16, 2013
Professional Status
Certified Residential Appraiser
State
Pennsylvania
I have searched the forum but unable to find what I'm looking for..

I recently received a request from a client (AMC:mad2:) to make "corrections" to a report that was completed over 3 months ago. The AMC's QC department accepted and delivered the report to the lender and I received payment approximately 2 months ago. The file was closed and the property transfer is complete. The "corrections" include 6 additional comps to consider. My initial response was that I typically do NOT revisit appraisals after 30 days and I offered to complete an appraisal update with additional comparable review comments. This did not go over well with the AMC and they are threatening me by stating "they will turn me into the state". I spoke with management at the AMC and they are supposedly "just looking our for me so that I don't have any issues with FNMA".. At this point I was ready to call BS but I wanted to see what my peers would do? I know that FNMA will contact me directly if they have any issue with my work and I know that the AMC can not just turn me into the state for refusing to make "corrections" that are not really corrections at all... I'm NOT concerned at all about losing the AMC as a client because I have had issues with them in the past. I guess I just want to know how my peers would handle this?

1) Tell them to pound sand and don't take anymore work from them?
2) Address the "corrections" to make them happy and avoid any possible complaint?
3) Do nothing and see what happens??
4) Other, please explain..??


Thanks in advance.. Cheers!
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
Six comps, three months later. Wow.
Did the comps close before the effective date?
Are they good comps that you missed?
Care to share the name of the AMC?
 

Timeismoney72

Sophomore Member
Joined
Jan 16, 2013
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Six comps, three months later. Wow.
Did the comps close before the effective date?
Are they good comps that you missed?
Care to share the name of the AMC?

The comps are within the time frame but not within the defined neighborhood. They are NOT comps I missed, most didn't even show up in my search because the criteria is so far off.. At this time I'd prefer to keep the AMC anonymous but I may disclose later.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I believe that once the appraisal report has been accepted and more than 30 days have elapsed past the delivery date, I would not make any changes to the appraisal report except to correct an error that I made. If they want to know about six more properties that they come up with, now, I would charge them for that but I would not amend my report to include them.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Address the sales as briefly as possible and get it over with. If the sales indeed came from FNMA, they (the AMC) is stuck in same cycle you are.

If this is a one off event and rarely happens with this client, accommodate it. (imo)
If it becomes a frequent occurrence in future, either don't accept work from them or charge more up front.
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
The amount of time allowed for the appraisal submission after field visit is the time allowed for the client to review and submit requests. More than fair.
 

Timeismoney72

Sophomore Member
Joined
Jan 16, 2013
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Address the sales as briefly as possible and get it over with. If the sales indeed came from FNMA, they (the AMC) is stuck in same cycle you are.

If this is a one off event and rarely happens with this client, accommodate it. (imo)
If it becomes a frequent occurrence in future, either don't accept work from them or charge more up front.


I considered this but it has been an ongoing issue with this AMC. The last time it was about 45 days after the report was complete so I went ahead and added a few comments. This time they ticked me off.. If the sales indeed came from FNMA my first thought was... FNMA ML 2015-02: "Before asking the appraiser to consider any alternative sales, it is imperative that the lender analyze the relevance of the sale and determine if the use of such sale would result in any material change to the appraisal report". This has obviously been ignored in this case with 6 additional sales outside of the neighborhood and market area. I guess I probably opened up a can of worms so to speak by completing the "corrections" past the 30 day mark in the past. Now it is happening more often and I feel it may be time to draw the line.
 

Timeismoney72

Sophomore Member
Joined
Jan 16, 2013
Professional Status
Certified Residential Appraiser
State
Pennsylvania
If their sales are not legit comps tell them to go pound salt. And or tell them there is a 100 per additional comp review. It depends if your appraisal is tight. If they do it once they will do it again.


Yep.. As my response to J Grant said, I believe I opened up this can of worms.. I am not at all concerned about my report. If anything, I was conservative.
 
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