• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Legal name change?

Status
Not open for further replies.

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I have an order for a condo appraisal I received a few weeks ago from First Charter Bank. The condo was being renovated, so in consultation with the client I've put off the inspection until the kitchen is functional. In the meantime Fifth Third Bank has closed on their purchase of First Charter Bank. At this point the loan officer says use the name First Charter Bank as originally ordered, but there was enough hesitation in his voice and discussion of confusion that it would not surprise me if I am later asked to change it to Fifth Third Bank.

Obviously if a request to change the name comes before I deliver the report, it is an easy thing to document the reason and comply since the company has legally changed its name. In using the old name of the company, should the change in name be documented in the report, in the work file or ignored? If the day after the delivery they call back wanting the current name on the report, would it be proper just to change it?

I'm looking forward to a few thoughtful responses among the knee jerk tripe. :new_all_coholic:
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I'm looking forward to a few thoughtful responses among the knee jerk tripe.
That was mean...true, but mean.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
Obviously if a request to change the name comes before I deliver the report, it is an easy thing to document the reason and comply since the company has legally changed its name. In using the old name of the company, should the change in name be documented in the report, in the work file or ignored? If the day after the delivery they call back wanting the current name on the report, would it be proper just to change it?
I would go by what is on the appraisal order sheet.

If you send in the appraisal and then some time later the new owner wants the name change, you already know it is legal for them to use the appraisal in some other lender's name. They have to fill out the paperwork on their end in order to use it.

It should not be your problem.
 

Lawrence R.

Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
I have an order for a condo appraisal I received a few weeks ago from First Charter Bank. The condo was being renovated, so in consultation with the client I've put off the inspection until the kitchen is functional. In the meantime Fifth Third Bank has closed on their purchase of First Charter Bank. At this point the loan officer says use the name First Charter Bank as originally ordered, but there was enough hesitation in his voice and discussion of confusion that it would not surprise me if I am later asked to change it to Fifth Third Bank.

Obviously if a request to change the name comes before I deliver the report, it is an easy thing to document the reason and comply since the company has legally changed its name. In using the old name of the company, should the change in name be documented in the report, in the work file or ignored? If the day after the delivery they call back wanting the current name on the report, would it be proper just to change it?

I'm looking forward to a few thoughtful responses among the knee jerk tripe. :new_all_coholic:

This would be the kind of question I would ask you, so I guess yer screwd!

How is that for tripe?
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I would go by what is on the appraisal order sheet.

If you send in the appraisal and then some time later the new owner wants the name change, you already know it is legal for them to use the appraisal in some other lender's name. They have to fill out the paperwork on their end in order to use it.

It should not be your problem.
So you don't see any problem with using a name that is legally inaccurate? Couldn't that be construed as misleading?
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
The order says "First Charter Bank" and that's the name they want you to use. I would use it and then in the report state that "First Charter Bank" has changed or is changing it name to "Fifth Third Bank".
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
So you don't see any problem with using a name that is legally inaccurate? Couldn't that be construed as misleading?
You have the original order. It has the name on it, the lender who ordered.
 
Joined
Jul 15, 2003
Professional Status
Certified Residential Appraiser
State
Connecticut
Edited, after rereading OP, if they need a name change, have them (Fifth Third Bank) order an exterior drive-by and state interior condition was verified as of XYZ.
 
Last edited:

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I'm looking forward to a few thoughtful responses among the knee jerk tripe. :new_all_coholic:


They are both FDIC banks. No reason to change anything.

Knee Jerk Tripe


p.s. I banked at First Union, they were bought by Wachovia. I still use my first Union checks and they said I dont need to order new ones until these run out!
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
If they would make the request in writing on company letterhead explaining why they want the name changed, Id have no problem with the order. It is the same lender, it is the same report, only the name has changed because of acquisition.
If im wrong .. sue me. Its working with a client who has a legit reason for a name change. I would get it in writing though.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks