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FHA Address Change

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Jerry Floyd

Thread Starter
Freshman Member
Joined
Aug 25, 2005
Professional Status
Licensed Appraiser
State
Texas
I have spent a significant amount of time searching this entire forum looking for an answer to my question and have not found one yet. This is a time sensitive matter that I need help with.

Completed an FHA assignment on a new construction for lender A. Buyer subsequently did not measure up to their requirements. FHA case number is re-assigned to lender B. I defend the initial request to the lender name change and point them in the direction of where it is not required to be changed for them to use the report. I think they are OK with that now.

However, at the time of the original appraisal, less than 6 months ago, this relatively new subdivision had the streets named as private roads (PRXXX) as the county had not taken over maintenance yet. There is a waiting period after construction before the county will maintain the roadway. My appraisal was completed with the then current and correct address. Since the effective date, the county has taken over maintenance and re-named the street. Lender B is requesting a change in the report to reflect the new address. I have told them that this request must come from Lender A, my client. They say that Lender A is not cooperating and that the loan must close in 2 days.

Any advice concerning a way I can help in this matter would be appreciated.
 

pmoore1960

Freshman Member
Joined
Jan 9, 2009
Professional Status
Banking/Mortgage Industry
State
Illinois
If this is an FHA appraisal, your client is HUD/FHA and you must transfer the appraisal to the requesting lender. The original lender needs to transfer all rights, title and interest in the appraisal to the requesting lender. New construction FHA appraisals are good for one year.
 
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