FHA Appraisal reassigned

[TN Pro]

Did an FHA report for lender A, a good long term client. Get a call a month later from Lender B telling me they want that report in their name etc....
I advised them the correct protocol for them to follow and directed them to FHA guidelines.
Have been called by them (Lender B) twice a week for three weeks asking me where their new report is, the one that i am putting in ther name. Doh!!
Anyway, now it seems that they get it, and they have had the report transferred from Lender A, and they understand that they can use it without any changes being made. They are now demanding my E&O insurance.
They are not my client, i dont know them, request Denied.
Now its getting ugly.
I will not send them my E&O.
Would you, and why?
To clarify i will not send it, i just want to know if you would, and why..

Dean

 

[Ken B]

You don't owe B jack.

 

[CANative]

Feel free to unload a string of expletives their way. Make sure you include all hostility saved up over the years for what this type of lender does to appraisers.

You'll feel better and it will cost you nothing. You've already been paid so what can they do?

@#@#% %#23 %#@#@# you!

lol

Edit: Before you cuss them ask them for a copy of the appraisal they're using "for your E&O files." I wonder if they cracked the pdf and put their name on the report.

 

[Mr Rex]

Providing a copy of E&O to a prospective client is damn close to the same price as a full appraisal the last time I updated my fee schedule.:icon_mrgreen:

 

[Lee Lansford]

Is "screw 'em" too harsh?

 

[Jay Emmar]

They are now demanding my E&O insurance.

I will not send them my E&O.
Would you, and why?


Dean

Not a snowball's chance.

Stick to your guns and make 'em squirm!

 

[RSW]

Tell them to get it from Lender A. You should read the Appraiser's Certificaitons # 21, 22, & 23 in the URAR:

21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media).

22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.

23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties.

 

[Stephen Wood]

I guess my attitude is a bit different. I'm not particularly protective of my E&O insurance. If someone wants to sue me, they will sure find it. Maybe I should be more concerned.

Its absolutely right that you are under no obligation to provide it to lender B. My wife works in the secondary mortgage department of a lender, not a broker. Each of the investors they sell loans to on the secondary market have different requirements. It is possible that lender B's investor has this requirement in order to purchase loans from them. I am just speculating of course.

I would also see it as a chance to create some good will. Who knows what might happen down the road with this lender. They may actually be good guys. Plus, I hate hassle. I would probably send it just to stop the phone calls.

 

[TN Pro]

Hey Steve, good to hear from you. Hope all is well.
I have been in this business for a while, not as long as some, but a while. Ten years.

I have no complaints or actions logged against me at the Appraisal Commission, ever. I am not concerned about giving my E&O because they may need to use it against me.
Being in the business for a while, i know who the good guys are, i know who the bad guys are. This is not a company i want to get future business from.
As a businessman, i of course would be more accommodating to this company if i wanted to court future work...
And if they hadn't of bugged me many many times for three weeks asking where the new appraisal In their name was, i still may have been accommodating.

 

[Stephen Wood]

Good to hear from you too, Dean. All is well with me. I meant nothing by my comments. I know you are one of the good guys and a good businessman and had thought all those things through. My wife has told me of some of requirements her company's secondary market investors have and they can make a grown man cry. She thinks they are ridiculous too but she has no choice but to ask for them or her company winds up eating the loan. I'm sure you know that too. I was just stating what I would probably do. I would much rather be riding my motorcycle that putting up with the inane phone calls.