Date Of Report

[Atlanta CG]

A new client asked for a minor revision, nothing to do with value or comps. I completed that today and changed the date on the Letter of Transmittal to today's. She wants me to change the date of the report and I told her that was only the date I saw the home, cannot be changed unless I go back out there.
Am I wrong?

 

[gregb]

A new client asked for a minor revision, nothing to do with value or comps. I completed that today and changed the date on the Letter of Transmittal to today's. She wants me to change the date of the report and I told her that was only the date I saw the home, cannot be changed unless I go back out there.
Am I wrong?

Yes, you can change the signing date of the report in your situation.

 

[RSW]

The effective date of the report remains the same. The signature date of the report is the date you signed it. You should have changed the signature date to today also.

 

[Mr Rex]

136. DATE OF REVISED REPORT
Question: In response to a client request, I recently made some minor edits to a report. The assignment results were unchanged, but I corrected a few minor typographical errors and entered the census tract number which had been omitted from the original report. Because the results did not change, this was essentially the same report, so I did not change either the effective date or the date of the report. My client now wants me to resubmit the report with the current report and certification date. Should the new report be dated as of the date revised?

Response: Yes. The date of the revised report should be the date that it is completed and transmitted to the client. According to USPAP, a report is a communication “transmitted to the client upon completion of an assignment.” Since, in this case, a new report is being completed and transmitted, it should be dated accordingly. This is true even when the only changes are minor corrections and the assignment results are unchanged. In addition, if the certification is dated, that date should also be based on the date the report is resubmitted. In the resubmission, the appraiser is certifying the content of the revised report, so any certification date cannot precede the completion of the revisions.

 

[Tom D]

you all be right. that was a USPAP discussion in the last USPAP cycle. makes sense in that the report is different, however minor, and you gotta have a indicator of that change, be it the date. i always love it when someone can pull the exact paragraph, just too smart mr rex.

 

[reviewbe]

136. DATE OF REVISED REPORT

Response: Yes. The date of the revised report should be the date that it is completed and transmitted to the client. According to USPAP, a report is a communication “transmitted to the client upon completion of an assignment.” Since, in this case, a new report is being completed and transmitted, it should be dated accordingly. This is true even when the only changes are minor corrections and the assignment results are unchanged. In addition, if the certification is dated, that date should also be based on the date the report is resubmitted. In the resubmission, the appraiser is certifying the content of the revised report, so any certification date cannot precede the completion of the revisions.

Some assignments seem to never be completed, just a series of transmittals to the client with no end to it.

This language always bothered me. But I suppose within the larger appraisal assignment there could be several, or many, or infinite mini-assignments which the appraiser has accepted and for which he/she is not being paid?

To the OP; what they all said.

 

[Atlanta CG]

OK, date of inspection is the date of the report on page 2 of the form. This reflects everything I've seen and know about the property from my inspection as well as all the research I've done to arrive at a value. It is the final estimate after all is done according to USPAP as of a specific date. The lender a week later asks for some minor revisions and wants the date of the report changed. I do not know what may have happened to the home since I last saw it. I can just imagine being on the stand and the attorney saying "so your value is as of this (new) date of the report?" "Are you aware it burned down two days before that date? Is that your real value of a burned-out home?" That is why I only change the Letter of Transmittal date, not the report date. doesn't seem logical otherwise.

 

[BRCJR]

OK, date of inspection is the date of the report on page 2 of the form. This reflects everything I've seen and know about the property from my inspection as well as all the research I've done to arrive at a value. It is the final estimate after all is done according to USPAP as of a specific date. The lender a week later asks for some minor revisions and wants the date of the report changed. I do not know what may have happened to the home since I last saw it. I can just imagine being on the stand and the attorney saying "so your value is as of this (new) date of the report?" "Are you aware it burned down two days before that date? Is that your real value of a burned-out home?" That is why I only change the Letter of Transmittal date, not the report date. doesn't seem logical otherwise.

you seem a bit confused about effective date and report date.

 

[DWiley]

OK, date of inspection is the date of the report on page 2 of the form. This reflects everything I've seen and know about the property from my inspection as well as all the research I've done to arrive at a value. It is the final estimate after all is done according to USPAP as of a specific date. The lender a week later asks for some minor revisions and wants the date of the report changed. I do not know what may have happened to the home since I last saw it. I can just imagine being on the stand and the attorney saying "so your value is as of this (new) date of the report?" "Are you aware it burned down two days before that date? Is that your real value of a burned-out home?" That is why I only change the Letter of Transmittal date, not the report date. doesn't seem logical otherwise.

The date at the bottom of page 2 of the 1004 is the EFFECTIVE DATE of the appraisal, not the report date. For Fannie Mae work, the effective date is required to be the date of the property inspection.

The report date on a 1004 is found on page 6. It is actually labeled "Date of Signature and Report"

For a correction or revision, one would only change the effective date (the date on page 2) if one re-inspected the property and conducted research and analysis to look at any impact that the change in date might have had. However, as noted in the FAQ posted previously, the Date of Signature and Report would be changed to reflect the date that the report was transmitted to the client (or the client's agent).

 

[residentialguy]

Yellow highlight line is what you change...the red stays the same