FHA and Reassignment

[Ruben Ramon]

I have a question that I think I know the answer to. There is an appraiser in my office who did an FHA appraisal for a mort. broker. Got a call yesterday and they want us to reassign it. I said new client, new appraisal. They said that since its the same FHA case number, i have to give it to them with the new name. I think its a bunch of crock, but does the appraisal follow the FHA case number? I don't think it does, but im looking for confirmation.

 

[Don Clark]

I have a question that I think I know the answer to. There is an appraiser in my office who did an FHA appraisal for a mort. broker. Got a call yesterday and they want us to reassign it. I said new client, new appraisal. They said that since its the same FHA case number, i have to give it to them with the new name. I think its a bunch of crock, but does the appraisal follow the FHA case number? I don't think it does, but im looking for confirmation.

Can't reassign it. Any lender can use it exactly like it is. Does not have to be in the new lenders name. And, cannot do it as a new assignment since the case number stays with the property for 6 months.

 

[Ruben Ramon]

Do we have to give them a copy?

 

[timd354]

Ruben,

I ti s a bunch of crock,

The appraisal does follow the case number in that once an appraisal has been done under a case number assigned to the property, then that is the only appraisal that FHA will accept on that property (with very few exceptions) for 6 months. However, you are not allowed to reassign the appraisal or change the client's name on it...you should not even send the new lender a copy of the appraisal, and under no circumstances should you do a new FHA appraisal on that property without a new case #. The new lender needs to get the old appraisal from the old lender (which they can do under FHA rules). Additionally, FHA rules allow the new lender to use the appraisal, even if it is in the name of the old lender.

This lender is lying, not only does FHA not require you to reassign the appraisal report, you are forbidden to do so.

 

[timd354]

Do we have to give them a copy?

No!!!

You are barred from giving them a copy (under USPAP) unless the first lender/client gives you permission to do so.

 

[Lee Lansford]

I have a question that I think I know the answer to. There is an appraiser in my office who did an FHA appraisal for a mort. broker. Got a call yesterday and they want us to reassign it. I said new client, new appraisal. They said that since its the same FHA case number, i have to give it to them with the new name. I think its a bunch of crock, but does the appraisal follow the FHA case number? I don't think it does, but im looking for confirmation.

Think USPAP.

 

[Lee Lansford]

Do we have to give them a copy?

Again...think USPAP.

You should NOT give this second party the report of the appraisal.

 

[Greg Bell]

The new lender needs to request assignment of the loan through FHA connect.The old lender will assign the loan package with the appraisal intact.You do not need to do anything.Do NOT change the report or send them a copy...Period..