Is borrower privy re client info?

[Mark K]

Nevertheless, today I received an assignment from a diferent AMC, same lender/client, of the same property!

I would never accept an assignment like this. Tell them you just completed an appraisal on this property and they need to find another appraiser. NOT WORTH THE HEADACHES. It won't end well.

 

[Zoe]

Does the lender provide the borrower with a copy of the report before the mortgage transaction is a done deal???

No, because the client may not find the appraisal sufficient and need revisions. The report they send the borrower will be the final report.

That is why you document any and every revision you make in an appraisal report to your client.

Once you make that final report and the deal is done with your client, don't touch that report again to your client.

Anything else is new assignment.

 

[Zoe]

I think we have been through this before on converting from FHA to conventional. With all due respect, Listen to what me and many are telling you.

I am not trying to harm you. I have your azz in CYA.

The main problems in converting from FHA to conventional were your intended users were already established in the original report to your client and the effective date of appraisal.

Wake up, get a cup of coffee and move on.

 

[Zoe]

I am kind to borrowers I meet. They want me to send them appraisal. I say, I am sorry, but I can't do that. Your lender will send you a copy. If they don't, call them and ask them for a copy. I don't elaborate and say call me with any problems. But I would gladly take a call from the borrower and answer non confidential information to the borrower.

The deal has already been made at that point. I would have gladly accepted any information from borrower before the deal was done.

The borrower is a market participant. I always respect that fact. That is not confidential information.

 

[Zoe]

I won't swear, but I think I have never had a borrower call me on single family residential after receiving a copy of the appraisal report from my client.

I came in way lower than contract price or what borrower thought many times. I came in higher also many times.

 

[Zoe]

Market Value definition as defined by FNMA is very unique value definition. Only value definition that requires H&B use analysis.

 

[Tom D]

I think because of the complexity of the appraisal, that the lender wants another appraisal to confirm whatever. But i think they want another appraiser to have 2 separate appraisals. That is my best guess.
Why would they want 2 appraisals for the same house from you. Lender might not realize you got it again, and new AMC doesn't know you just did it.

 

[Surf Cat]

Lender might not realize you got it again, and new AMC doesn't know you just did it.

ZZ must have the cheapest rates.....

 

[ZZGAMAZZ]

The borrower is neither the Client nor an Intended User of the appraisal. You can talk to them about things like the age of their dwelling, the square footage, the cracks in the foundation walls. I wouldn't tell the borrower anything about how the assignment came to me.

On the other hand, I probably would tell the new AMC that you had just done the appraisal for the same Lender but a different AMC. Let them sort out what they want to do. You will not be inviolation of USPAP if they decide to have you complete a new appraisal... whether it's the same Lender or not.... same AMC or not.

Yea I did that and the assignment was cancelled. Seems that as a total coincidence I was being selected by a different AMC to be the second appraiser required because of the complexity and/or relatively high value-- of the property for which I had been the original appraiser!!!! Woulda been a great test of my integrity to debunk results of my.prior OV.less than 1 week ago-- but I'da tore that dude a new one, given the chance!!!! Lol

 

[ZZGAMAZZ]

ZZ must have the cheapest rates.....

Hells yea. Original report and follow up report. 2 for 1. But recently seems that everybody wants advice about feasibility of building an ADU, ot potential market rent of their SFR, or value of the property if it's renovated in the future, or two values if the big lot with 2 SFRs gets split... all these requests After my assignments are completed. Odd how none of them are actually interested when I mention a "consulting fee," makes me think I'm TOO friendly with borrowers although Public Trust can indeed be elevated even when an OV disappoints a borrower ...