latest lender request

[MARKETVALUENOW]

I just got a request from a lender to include 2 additional sales offering a sale date within 90 days of today, not the inspection date, which was in March. How do I handle this? Can I use sales that sold after the inspection date? This sounds crazy to me!!! Do I need to complete a new report?

All the original comps were within 90 days of the inspection date, but the UW is calling them "aged" because they offer a sale date greater than 90 days from the day it was reviewed.

I feel like I just got run over by a train and if they had a smily face think that was crying I would include it right about now.

 

[K.P. Taylor]

Your right that is just wrong, is it the original client, if not let them ask all they want. If it is the original client, then To ask you to supply data that was not available at the time of the effective date is useless and I would charge similar to a new assignment, if I were to accept the request.

 

[ddnma]

Offer to a 1004D- an update-

Explain that this is not part of the original SOW but you would be happy to provide an update to that report- without a pretermined value and for a fee... of course.

 

[Mike Kennedy]

NEW 1004 ASSIGNMENT.


A NEW 1004D is applicable ONLY if the OMV has not DECLINED AS A RESULT OF NEW COMP CONSIDERATION - NOT TO RENDER A DIFFERENT OPINION OF VALUE.

EITHER WAY - NEW ASSIGNMENT , NEW EFFECTIVE DATE.

 

[Kevin Mc]

I just got a request from a lender to include 2 additional sales offering a sale date within 90 days of today,

you can get them, they cannot however be part of the appraisal.

 

[Marcia Langley]

This is definitely an updated value request which is a totaly new assignment with a new effective date. For myself, that means an all new 1004. I would not use the 1004d for this update because it is not designed well for a summary report. It is just easier and cheaper to do it on the 1004.

at any rate, it is not an extension of the old assignment. It is a new assignment.

 

[Pamela Crowley (Florida)]

New Assignment!!!!!​

 

[ghrousseau]

I just got a request from a lender to include 2 additional sales offering a sale date within 90 days of today, not the inspection date, which was in March. How do I handle this? Can I use sales that sold after the inspection date? This sounds crazy to me!!! Do I need to complete a new report?

All the original comps were within 90 days of the inspection date, but the UW is calling them "aged" because they offer a sale date greater than 90 days from the day it was reviewed.

I feel like I just got run over by a train and if they had a smily face think that was crying I would include it right about now.

You may have inform them that you would consider it as a new assignment with a new effective date. I would approach the LO about possibly requesting a additional fee. Unfortunately, for certain products, like jumbo loans, lenders are having problems with appraisals over 60 days old at the time of funding. This is what is generating the condition. I see the investor requirements and updates everyday. The problem is in the interpretation and application of the changes in guidelines coming from the secondary market loan buyers, Fannie Mae, and Freddie Mac. Many underwriters have not worked in a declining market environment. You have to understand, from the lender's perspective, that guidelines are changing weekly and getting more and more difficult. Not trying to make excuses, but I've worked in wholesale lending for 13 years, and the last two years have been a state of utter chaos for the entire industry. I work with 4 FHA/VA delegated underwriters with over 20 years each in the industry. They are all seasoned professionals, and even they are having some issues dealing with the various investor mandates. Unfortunately, this is just the market we are in, and until things stabilize somewhat, you will see more of the same.

 

[apryzr]

Clearly state the additional sales are after the fact, a response to client request and are to be taken as presented, additional support to the prior furnished appraisal without negative or affirmative effect on said report, which stands alone as presented.

 

[Mike Boyd]

Clearly state the additional sales are after the fact, a response to client request and are to be taken as presented, additional support to the prior furnished appraisal without negative or affirmative effect on said report, which stands alone as presented.

I agree. If you are not changing the original report I do not think you need to consider it a new assignment. However, after receiving that information they want you to change the original report, THEN it would be new work and you would be entitled to an addtional fee.