FHA USPAP

[Terrel L. Shields]

One view is Cert 23 basically allows any old dog to hunt. The supposed reason there is a line asking for “the original lender//client” at the top of the 1004D is to add Lender A. Lender B will appear at the bottom under “Current Lender/Client”.

 

[Gregory A Hicks]

Thanks for your comments anyway, not looking to do a new appraisal, just do the 1004d right. I believe it would include the ok from the original client, at least that is the way I understand it.

CLIENT: the party or parties (i.e., individual, group, or entity) who engage an appraiser by employment or contract in a specific assignment, whether directly or through an agent.
INTENDED USER: the client and any other party as identified, by name or type, as users of the appraisal or appraisal review report by the appraiser, based on communication with the client at the time of the assignment.
The Confidentiality Section of the Ethics Rule of USPAP and the Appraisal Institute Code of Professional Ethics provide that an appraiser must not disclose confidential information or assignment results to anyone other than the client and persons specifically authorized by the client; state enforcement agencies and such third parties as may be authorized by due process of law; and duly authorized professional peer review committees.

Can I accept a new assignment involving the same property

Yes; however, you cannot disclose any confidential information contained in the report prepared in the previous assignment for a different client without that prior client's permission.

 

[Gregory A Hicks]

One view is Cert 23 basically allows any old dog to hunt. The supposed reason there is a line asking for “the original lender//client” at the top of the 1004D is to add Lender A. Lender B will appear at the bottom under “Current Lender/Client”.
View attachment 98751

View attachment 98752

The form is setup for this I have no issue with that. However I believe this assumes the original client has given permission.

 

[Terrel L. Shields]

I assume they do not have to...whatever, call the DEU.

 

[Tom D]

Can I accept a new assignment involving the same property

With FHA NO, they will not accept/ask for another appraisal, from a different lender that you just did one on. That is why FHA will let it transfer to a new lender without changing the original lender name. They don't want you charging the poor buyer another appraisal fee, for basically a name change.
The appraisal goes with the case number, not the lender. Conv is different, name change, new appraisal. Your FHA appraisal stays with the buyer/owner with that case #, whoever the lender becomes.
And you think it is still confidential info.

 

[Gregory A Hicks]

Not wanting to complete another appraisal on this, not sure why you don't understand that. I am want to make sure I do this according to USPAP requirements which requires Lender A to provided permission, whether it is for Conv or for FHA. Here is the response I was given by FHA...
Dear Gregory Hicks,

Concerning an update or 1004 D-Final Inspection assignment from a different lender-mortgagee, the second mortgagee may order the appraisal update with permission from the first lender-mortgagee and from the Appraiser of the original report.