e-mailing report to another lender

[larryhaskell]

I have a general question and would appreciate some feedback. We were contacted by a borrower who wanted a copy of their appraisal. We told her we couldn't release the report without the permission of the lender. We soon got permision from the lender. Initially the borrower asked us to e-mail the report to her. Not a high priority so we ignored for awhile. Today she calls again and asked us to e-mail the report to a bank. We contact our client and he indicates the woman was injured in an accident and needs to buy a new car, yada, yada, yada and she wants to get a second. He didn't seem to have a problem with us providing the report. We were not asked for a retype to indicate the new lender. Would any of you accommodate the borrower or just say no? I feel like I'm cheating an appraiser out of a fee although I know it wouldn't be me. Thanks in advance.

 

[Mountain Man]

The borrower is entitled to receive a copy, your client gave you the okay to send them the copy they requested.

If they take their copy to another lender for a second, equi-line, etc. then that bank can use it. They do not have to have it reprinted, there are no rules against the bank doing so. But if they want changes from you, you gotta have a release from your client. Doesn't seem totally equitable, but they play by a different rules book.

 

[Farm Gal]

He didn't seem to have a problem with us providing the report.

Larry: Did you get that release in writing?!?!?

Providing homeowner with copy of report on a verbal if it were a trusted well-known lender client I would not have a problem with, tho I'd ask for a signature on our standard release form faxed in 30 seconds from conversation...

Emailing it to another institution would definitely require a written release from client 'A' around this office 8O .

Also you CAN sell your services to the 'second' (potential) client. Nothing in USPAP prohibits this You can provide them with an original report with the original effective date and a new signature date with no conflict of interest. Under the circumstances (being of soft heart) you might even offer this service at a substantial discount 8) or not :twisted:

 

[Richard Carlsen]

I would release and send it via e-mail to the bank requested as long as I had a signed release (fax is fine) from my client requesting that I send it to the bank. No problem.

But her is the dumb question: If you sent it via e-mail to the client, why doesn't he send it e-mail to the bank? He should have a .pdf copy of the report. It is just as easy to use his time as yours.

Did I miss something somewhere?

 

[Ross (CO)]

Larry........I can't agree more here with your need to have the request for & consent to release that report from your original client -- in writing and legibly signed and dated ! You have not said how much time as gone by since the report was done. Perhaps it is appropriate that you do a new appraisal. I might also have said to that original client that they are free to send (printed hardcopy or forwarded e-mail ) that report to anyone they want to as it belongs to them. They could send it to this new party anyway and you would never learn of it. I am sure it has happened to all of us numerous times. The fact that you were not asked to change the client's name in the process of reproducing the same report opens up a convenient door to thank this client for informing you of where HE was about to send that original report, ask for the new company name and individual receiving it, so you can put that record in your workfile, and assure him that it is important to send the entire report as HE had received it from you so that the new folks can know everything about the property as HE was afforded. Then politely and briskly excuse yourself out of the conversation. Thanks for the call, got to run, Bye, click. (The first of you two to say he is really busy and ask the other guy send the report.....is the one who will get the other guy to send the report ) Of course, if he says they have archived that report and it is not readily available throws the obligation of the request back at you. Oh well.