matt howard
Freshman Member
- Joined
- Mar 31, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Washington
Hello,
I recently received a phone call from a lender asking me to satisfy underwriter requirements for an FHA appraisal that was completed approximately 30 days ago (effective date). The Lender was not my original Client. I informed them that I did not believe I could provide this as they were not my Client, and that by discussing, altering, or providing additional information for this appraisal I would be providing/disclosing the original Client's confidential information. I then researched this and saw that beginning 01/01/2010, an FHA appraisal will have "portability", and that a Borrower may request that an FHA appraisal be transferred to a different lender. I am aware that there are many new rules surrounding these issues, and that there are rules to prevent "appraiser shopping". My questions are as follows: Is an FHA appraisal currently (today) "portable". Am I obligated to provide additional info, comps, corrections, or statements for a different Lender than my original Client (at no charge)? This seems problematic. Am I to understand that I am obligated to satisfy any/multiple underwriters who utilizes the appraisal? In reading about the FHA changes effective in 01/01/2010, I read where an appraiser may change the Client's name only, and state this in an amended scope of work. I may be wrong here, but doesn't it seem, as a minimum, that the new Lender should be asking for a Lender/Client change on the appraisal (with scope of work change), and that they should provide me with a written order reflecting this? I would then establish a relationship/work order for the new Lender, and could charge a fee for the additional services requested. I completed the original appraisal for a mangement company, was paid next to nothing, provided nine comps, provided extensive commentary, and put up with the original underwriter's requests for more info. Do I really have to complete the same steps for someone else? If this is the case, does this mean that for every FHA appraisal that I complete, I have to answer any questions/condition of any underwriter for the four months that the appraisal can be utilized? Any information would be greatly appreciated. I understand the logic behind portability in terms of fairness to the Borrower. Thanks.
I recently received a phone call from a lender asking me to satisfy underwriter requirements for an FHA appraisal that was completed approximately 30 days ago (effective date). The Lender was not my original Client. I informed them that I did not believe I could provide this as they were not my Client, and that by discussing, altering, or providing additional information for this appraisal I would be providing/disclosing the original Client's confidential information. I then researched this and saw that beginning 01/01/2010, an FHA appraisal will have "portability", and that a Borrower may request that an FHA appraisal be transferred to a different lender. I am aware that there are many new rules surrounding these issues, and that there are rules to prevent "appraiser shopping". My questions are as follows: Is an FHA appraisal currently (today) "portable". Am I obligated to provide additional info, comps, corrections, or statements for a different Lender than my original Client (at no charge)? This seems problematic. Am I to understand that I am obligated to satisfy any/multiple underwriters who utilizes the appraisal? In reading about the FHA changes effective in 01/01/2010, I read where an appraiser may change the Client's name only, and state this in an amended scope of work. I may be wrong here, but doesn't it seem, as a minimum, that the new Lender should be asking for a Lender/Client change on the appraisal (with scope of work change), and that they should provide me with a written order reflecting this? I would then establish a relationship/work order for the new Lender, and could charge a fee for the additional services requested. I completed the original appraisal for a mangement company, was paid next to nothing, provided nine comps, provided extensive commentary, and put up with the original underwriter's requests for more info. Do I really have to complete the same steps for someone else? If this is the case, does this mean that for every FHA appraisal that I complete, I have to answer any questions/condition of any underwriter for the four months that the appraisal can be utilized? Any information would be greatly appreciated. I understand the logic behind portability in terms of fairness to the Borrower. Thanks.
