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Help, I need a COD disclaimer...

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Farm Gal

Thread Starter
Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Can someone direct me to the posting or repost the statement made to cover our professional tailfeathers when collecting a check at the door?

I had one but lost it :oops: my computer ate it :evil:

I have a need to insure that the homeowner understands HE/SHE is not my client despite the fact they are handing me a check for my professional services....

I promise to modify and post my final draft for others' use, if anyone else wants to take a hand in drafting such a doc...

Thanks in advance...
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
Payment Agreement Letter



I/we ______________________________________, (known as the client/lender) promise to pay Frederick R, Ruffell $__________ within 48 hours. If the client/lender decide to cancel after inspection, the client/lender understands that the cancellation fee will be three quarters the cost of the appraisal and will be due within 24 hours of cancellation payable via check. The client/lender understands they will be held responsible for payment in the event of cancellation after inspection. The client/lender understands that the appraiser will not complete the report until payment has been received. Frederick R. Ruffell has the right to forward this to a collection agency to obtain payment after 30 days.



_________________________________ _________________________________
Client/Lender Client/Lender


_________________________________ _________________________________
Date Date





Is this the one?
 

Farm Gal

Thread Starter
Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Thanks, I need something like that also...

but I was looking for some wording that someone drafted for a COD borrower to sign which basiclly stated that the borrower isn't the client, and that the appraiser cannot give the borrower etc...

Tried the search but got pretty lost and can't recall who drafted what I sort of remember :oops:
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Lee Ann, I do not know what state you are in, yet it is very likely that your state's Appraisal Board may have such a document available (in a website ? ) that explains the client relationship for an appraiser and address the issue of homeowner/borrower getting their copy of report from such lender party....and not you, as that is what the "law" requires. I never care to have to discuss this issue "at the door" with the h/o, or even at a moment when they are handing me a check. This subject has already been discussed on the phone when I am setting up the appmt. ! I say something easy like...."and as you know, Mr. Smith, the folks at XYZ want to move your loan process quickly and as such have asked me to collect from you my fee at the time I visit your property". 98.3% of the time the reply is..."yes, I am aware of that, how much should I make the check out for ?" If they come back with something like ....that was not their understanding as the fees are supposed to be rolled into the loan (and the order says collect c.o.d.) , then I suggest that they call their loan officer and discuss this. Clearly those parties are not aligned. I assumptively set a tentative appmnt. and suggest we talk later today or after they call the L.O. Surely, I will follow up before I go drive to the house. C.O.D. payment is not a complicated thing. I have never felt compelled to have a h/o sign anything else (other then the check). Ironically, I did get a check one time with no signature on it and had to go back to the door, after being about a block away, and ask them for that favor. They appeared honestly embarassed. Glad it was NOT a day or two later that I looked closely at the check.....and having to drive back !
 

Farm Gal

Thread Starter
Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Ross:
Like you, I always go through the song and dance prior to showing at the dooor also, however recently had a situation where I felt it would have been better to have it IN WRITING that I had gone through that explanation... and sad to say it seems that the world is getting ever more idiotic about litigation :roll: Sooo..

Oh well if this thing stays up at/near the top hopefully SOMEone will remember the discussion and point me in the right direction, or help draft a new one:

I recall something to the effect that "payment directly to the appraiser by the homeowner does not constitute a fiduciary nor contractual relationship. I understand that the professional service being rendered is on my behalf, and that despite direct payment to the appraiser on behalf of the lender/mortgage broker etc. that I am not the appriaser's client. I understand that as per applicable law, I will NOT be provided a copy of the appraisal by the appraiser, nor can the appriaser discuss any aspect of the appraisal without the lender's express permission. The appraiser...

blah blah bla...

IF anyone recalls this please speak up and I will search your past posts til I find it...
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
I have a statement at the bottom of my receipt which I print on my letter head. Items listed area Client, File Number, Borrower, Property Address, Date, Amount Paid, Received from, Cash, Check #, Money Order #, Cashier Check # and then my name and signature. And then at the bottom: "In compliance with the Uniform Standards of Professional Practice, I cannot discuss or disclose any information in the appraisal report for the above property to anyone except the client named above. Contact the above client for a copy of the report and any questions you may have regarding information in the report."

Is that what you are looking for?
 

Farm Gal

Thread Starter
Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
:lol: Thanks JoAnne!

That works well enough for my purpose and is much more succinct!

Still bugs me that I can't find my lost staement or the relevent post may have been over on the old forum 8O How quickly hte days fly when we are having fun :roll:
 

cgjerdetu

Junior Member
Joined
Jan 29, 2002
Professional Status
Certified Residential Appraiser
State
California
Lee Ann:

This is directly from the California Office of Real Estate Appraiers Spring/Summer 2001 newsletter (Volume 13 # 1, page 25). http://www.orea.ca.gov/html/newsletter.shtml OREA drafted this in response to a number of homeonwer questions regarding COD's and encouraged appraisers to give this to borrowers at the time of inspection.


Notice to Borrowers and Homeowners

ALTHOUGH YOU MAY HAVE PAID A FEE FOR YOUR APPRAISAL
(EVEN IF YOU PAID THE APPRAISER DIRECTLY), THE LAW PROHIBITS THE APPRAISER FROM PROVIDING YOU WITH A COPY OF THE APPRAISAL REPORT WITHOUT THE CONSENT OF THE LENDER.

HOWEVER, IF YOU PAID A FEE FOR THE APPRAISAL, YOU ARE ENTITLED TO A COPY OF IT FROM YOUR LENDER.

When an appraisal is performed for a lender, the borrower/homeowner is NOT entitled to a copy of the appraisal report from the appraiser. This is because the appraiser’s client is the lender, not the borrower, even though the borrower pays the appraisal fee. A client is defined as the party who directly engages the appraiser to perform the assignment. The client is most commonly a mortgage broker, mortgage
banker, or direct lender if the purpose of the appraisal assignment is for a loan transaction secured by 1-4 unit residential real property (for purchase or refinancing purposes).

Appraisers receive and accept many appraisal assignments from clients specifically instructing them to collect the appraisal fee at the door (or “C.O.D.”) from the borrower. It is considered a common and generally accepted practice for the appraiser to collect this payment directly from the borrower on behalf of the client to compensate for the appraisal service. However, this does not render the borrower as the client or entitle them to a copy of the appraisal from the appraiser.

The appraiser is required to protect the confidential nature of the appraiser-client relationship, and thus is prohibited by law to provide a copy, or disclose the contents of his or her appraisal report to anyone other than the client. Any licensed appraiser violating this portion of the Uniform Standards of Professional Appraisal Practice may be subject to disciplinary action by the Office of Real Estate Appraisers (OREA).

Although the appraiser cannot provide the borrower with a copy of the appraisal without the client’s permission, the borrower has every right to receive a copy of the appraisal from the lender, provided he or she has paid for the appraisal and the loan involves 1-4 unit residential property. According to California Business and Professions Code Section 11423, a borrower has up to 90 days after the lender has provided notice of their lending decision to submit a written request for a copy of the appraisal.

Carolyn Gjerde-Tu
 

Farm Gal

Thread Starter
Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Wahoo :!: That was what I remembered, (or somethign very like it).

Now all I have to do is paste Joannes at the top in bold, and a (modified for my locale) version of yours on the bottom and I'm Set!!

Thank you ladies and gents!

(any other submissions gratefully accepted)
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Thanks Carolyn, I too "cut an pasted" your post and made a flyer for my C.O.D. orders. Much appreciated.
 
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