I received an email & not sure what it means

[gorillakimchi]

Hello, all

I received an email below but not sure what to do, so I'm sharing it here.

"Thank you for your work on this appraisal. We are currently transferring this appraisal to a different lender to assist the borrower. The new lender requires the SSRs to be in their name.
Your assistance with this matter would be greatly appreciated."

My question is... What is SSR? and also want to know how to respond in this situation.

I heard new client = new assignment but actually don't know how it works in real world.

Also, I tried to search SSR first on this forum, but couldn't due to a short keyword issue.

Thanks for reading & hope you all have a great one

 

[TerryRohrer]

It doesn't really matter what SSRs are. In this case, the second lender can use the appraisal as is, without revision, or they can acquire their own appraisal...from you or another appraiser. They cannot demand that you "revise" your report to create a misleading report.

Here the appraisal report is given a rating called a Submission Summary Report (SSR). The SSR score is what prompts appraisal reviews. The SSR score ranges from 1.0 to 5.0.

Appraisal Reviews and Second Appraisal - MortgageMark.com

Appraisals are scrutinized during the mortgage process. On occasion an additional examination is required via an appraisal review or a second appraisal.

mortgagemark.com

 

[gorillakimchi]

They cannot demand that you "revise" your report to create a misleading report.

It means they just can't ask me to change the lender's name right? Also, thanks for your clarification about SSR

 

[TerryRohrer]

It means they just can't ask me to change the lender's name right? Also, thanks for your clarification about SSR

Right. Intended user(s) is an assignment element (per USPAP). When an assignment element changes, it is a new assignment.

 

[Essexfenwick]

^^^^ What if it’s the original client and owner of the appraisal requesting an assignment element change?

 

[sputnam]

Per USPAP, your appraisal Client for an assignment will remain your Client for that assignment forever. You can't simply change the Client on your appraisal report. If the email came from your Client, you may be able to add an additional Intended User. It is a new assignment but, 'new assignment' does not always mean starting over from scratch... especially if the additional Intended User is of the same type (e.g., Lender) as originally and there is no change in the Intended Use.

 

[Tom D]

yea, lenders do not know USPAP. you just have to explain as noted above to the new lender our rules. give them a discount for doing a new updated appraisal in their name. if it isn't to old, you might not have to change anything. i would at most retake the exterior photos and say i did a previous appraisal within 3 years. could be easy money and maybe a new client.

 

[Surf Cat]

Along with the above, "if" the new lender wants your report in their name, make sure to get an engagement letter from them and read it carefully. They may have different requirements that you did not cover in the initial report.

 

[jay trotta]

Along with the above, "if" the new lender wants your report in their name, make sure to get an engagement letter from them and read it carefully. They may have different requirements that you did not cover in the initial report.

you mean the "snakes" are trying to bite you..........naaaaa

 

[Terrel L. Shields]

^^^^ What if it’s the original client and owner of the appraisal requesting an assignment element change?

It does not matter. You cannot simply readdress it. Period, no ifs ands or buts.

So, you can deny the request (which I would do if I did not have a prior relationship with the new lender) or tell them USPAP requires it be a new assignment in which you must inform them that you have provided a prior service within the previous 3 years and the fee is X dollars to do an appraisal of the property using the old date of valuation. And yes, have the new lender send a letter of engagement.