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FHA Appraisal -new Lender Question

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adia9

Freshman Member
Joined
Aug 10, 2006
Professional Status
Certified Residential Appraiser
State
Virginia
Hi I completed an FHA assignment for a single family effective date this past Nov.16 A new lender contacts me to have the appraisal re-assigned to them . Question #1 , since its a new assignment for a new lender and will have a new effective date , do I use all new comps (if necessary ) to complete this appraisal? Question #2 , The FHA case # will not change from the original correct? Thanks for any help on this.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
The FHA appraisal you completed is fully portable and you are not going to be doing anything ! The original lenders underwriter assigns the same Case-Number and a copy of your appraisal to the new lender. The appraiser is not to change the appraisal and your effective date and signature date remain the same .The DE Underwriter is to use form #54114 to tie the new information to your original appraisal and the "new" lender and the FHA appraiser cannot change the lenders name.

*** Note: Please call your HOC and give them your original Case-Number that was used on the appraisal and tell them what the new lender is requesting. Your HOC will be able to look into the system to verify everything is above board. And when you get a chance open up your 4000.1 handbook and read it .

Good Luck Hope This Helps - I Used to Assist the FHA Underwriters but we are now in 2017 and something may have changed.
 

adia9

Freshman Member
Joined
Aug 10, 2006
Professional Status
Certified Residential Appraiser
State
Virginia
Thank you .
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Mortgagee Letter 2009-29 gives instructions on what can be done when a lender requests a name change. Read it.

Appraisal Transfer and Change of Client Name in Appraisal Report
In cases where a borrower has switched lenders, the first lender must, at the
borrower’s request, transfer the case to the second lender. FHA does not require that the
client name on the appraisal be changed when it is transferred to another lender.

In accordance with the Uniform Standards of Professional Appraisal Practice
(USPAP), the lender is not permitted to request that the appraiser change the name of the
client within the appraisal report unless it is a new appraisal assignment. To effect a client
name change, the second lender and the original appraiser may engage in a new appraisal
assignment wherein the scope of work is limited to the client name change. A new client
name should include the name of the client (lender) and HUD.
Appraiser Selection
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
Once again call your FHA/HUD HOC and give them the Case-Number because on a forum we have many opinions *** I clearly stated call your HOC just to make sure :) LOL
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
To effect a client name change, the second lender and the original appraiser may engage in a new appraisal
assignment wherein the scope of work is limited to the client name change. A new client name should include the name of the client (lender) and HUD. Appraiser Selection

Ignoring that 4000.1 superseded the ML wasn't that portion stricken down or changed because that scope of work would be too limited? It would just be a readdressed report.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
If you have no relationship with Lender B, then you have no obligation to do anything...none. Don't create double the liability for one fee. If Lender B does not understand FHA's own rules then don't let them create problems for you. #2 answered the question
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Ignoring that 4000.1 superseded the ML wasn't that portion stricken down or changed because that scope of work would be too limited? It would just be a readdressed report.

It is my understanding that not all MLS were retired when the 4000.1 was published. I believe there is list of the ones that were retired. I'll have to look for it in my stuff.
 

Rob Frazier

Sophomore Member
Joined
Jul 6, 2005
Professional Status
Certified General Appraiser
State
Maryland
4000.1 retired prior Mortgagee Letters. The transmittal section of 4000.1 has the list. No mortgagee letters out there right now affecting appraisers. its all in 4000.1. any new changes will be posted to 4000.1 Once guidance is retired, it is no longer effective.
 
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