FHA case number transferred to new lender

[TerryRohrer]

From the 4001;

(8) Transferring Existing Appraisals

In cases where a Borrower has switched Mortgagees, the first Mortgagee must, at the Borrower’s request, transfer the appraisal to the second Mortgagee within five business days. The Appraiser is not required to provide the appraisal to the new Mortgagee. The client name on the appraisal does not need to reflect the new Mortgagee. If the original Mortgagee has not been reimbursed for the cost of the appraisal, the Mortgagee is not required to transfer the appraisal until it is reimbursed.

The second Mortgagee may not request the Appraiser to re-address the appraisal. If the second Mortgagee finds deficiencies in the appraisal, the Mortgagee must order a new appraisal

Hope that helps.....

Is that the same as the 4000.1?

 

[lostinthezone]

Is that the same as the 4000.1?

Yeah, my bad. Typo.....

 

[mp2277]

With the previous lender listed as client and intended user? Just clarifying

It would have been difficult to list a future lender as intended user, LOL

 

[glenn walker]

With the previous lender listed as client and intended user? Just clarifying

The original lender assigned #A To Lender #B and you dont need to do anything.

 

[spittman]

If they can't get it from the prior lender, they would need to get a new case number, then assign it to you as a new assignment.

Not exactly. Cannot get a "new" FHA appraisal unless their were deficiencies in the first one or the first expired which is not the case in this scenario. You could potentially do it as a new assignment if for some odd reason the original lender never uploaded the appraisal to FHA's EAD portal. How you would verify that I'll leave it to OP to decide, but personally I would not do it as a new appraisal..

 

[alebrewer]

Not exactly. Cannot get a "new" FHA appraisal unless their were deficiencies in the first one or the first expired which is not the case in this scenario. You could potentially do it as a new assignment if for some odd reason the original lender never uploaded the appraisal to FHA's EAD portal. How you would verify that I'll leave it to OP to decide, but personally I would not do it as a new appraisal..

Actually, they can, but I don't want to be argumentative. If they can't get the XML from the original lender, that is a valid reason for issuing a new case number...

 

[Mike Ault]

If the "Intended User" or "Intended Use" changes then USPAP considers it to be a new assignment. As other posters have indicated other than correcting appraisal defects I wouldn't touch it unless they wanted to order a new one. The new client can use the existing appraisal in "as is condition" even as a new lender with a new borrower. If you go to the trouble of changing the report to reflect the new client's name you might make their insurance company happy however you will have to perform a new assignment along with a prior service disclosure (incorporating as much non-confidential information from the previous report that you deem to be credible). Most of the fights I've gotten to over the years regarding this issue boils down to the fact that the new client typically wants the appraiser liable to them, not the prior client. If they insist on such things and spend my time for reasons like that I charge them accordingly.