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FHA Mpr/1004d, New Lender New Borrower

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adventure0us1

Sophomore Member
Joined
Mar 28, 2008
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Did an FHA appraisal for Client A and borrower A. There were MPR repair items. The borrower backed out and there is now a Client B and borrower B. Client B has sent me the FHA Connection information showing the transfer and they are requesting the 1004D for the MPR items. I'm pretty sure I can do this request for them but is there information that I should or should not include on the 1004D? I will report the original lender on top and current lender on bottom. Which borrower do I report on top A or B? Can I list the contract price and original appraised value?

If this has been discussed sorry, I didn't find in search and this is a first time having this happen.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Did an FHA appraisal for Client A and borrower A. There were MPR repair items. The borrower backed out and there is now a Client B and borrower B. Client B has sent me the FHA Connection information showing the transfer and they are requesting the 1004D for the MPR items. I'm pretty sure I can do this request for them but is there information that I should or should not include on the 1004D? I will report the original lender on top and current lender on bottom. Which borrower do I report on top A or B? Can I list the contract price and original appraised value?

If this has been discussed sorry, I didn't find in search and this is a first time having this happen.

:(

One lender can use a report created for another lender. Lenders can transfer reports. Lenders can not transfer their client relationship with you.

Tell Lender B to have Lender A order the 1004D.

Eventhough Lender B is in reciept of your report, your confidentiality is still pledged to Lender A, no matter how ridiculous that seems - that is what is written in the USPAP. This is the minefield of report "portability" never addressed in the USPAP Standards, to which, someone down the road can make a Federal case out of.

.
 

adventure0us1

Sophomore Member
Joined
Mar 28, 2008
Professional Status
Certified Residential Appraiser
State
Pennsylvania
:(

One lender can use a report created for another lender. Lenders can transfer reports. Lenders can not transfer their client relationship with you.

Tell Lender B to have Lender A order the 1004D.

Eventhough Lender B is in reciept of your report, your confidentiality is still pledged to Lender A, no matter how ridiculous that seems - that is what is written in the USPAP. This is the minefield of report "portability" never addressed in the USPAP Standards, to which, someone down the road can make a Federal case out of.

.

Thank you Marion. How likely is Client B to ask Client A to order the final. And is Client A obligated to?
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Thank you Marion. How likely is Client B to ask Client A to order the final. And is Client A obligated to?

Next option,
New workfile and new report for Lender B and Borrower B.

Not your fault they want to update a report that they are not the client of.

.
 

Digger88

Elite Member
Joined
May 11, 2010
Professional Status
Certified Residential Appraiser
State
Virginia
if lender b can use a report with lender a on it its on them. but new client means a new report for me.
 

Jim Bartley

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
In would treat it just like the 1004D request came from the original lender. I would NOT put the new lenders name on the 1004D. They weren't your client.
If lender B can use the appraisal done for Lender A, then they can use the 1004D in Lender A's name too.
 

vazira

Freshman Member
Joined
Apr 30, 2007
Professional Status
Licensed Appraiser
State
California
In would treat it just like the 1004D request came from the original lender. I would NOT put the new lenders name on the 1004D. They weren't your client.
If lender B can use the appraisal done for Lender A, then they can use the 1004D in Lender A's name too.

As FHA/HUD requires that they be included as user of the report, They may have it in the system and not cleared. 2nd appraiser may not have reported or repairs were done prior to 2nd appraisal. FHA may (not sure) have these items on system and need your 1004d to clear property?

All I would suggest is to Disclose in report. Just say what your doing, do what you said, whom your doing it for, and don't for get to tell them how you did it. Prior service will need to be disclosed. good luck.
 
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