Legal name change?

[Couch Potato]

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]

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

That was mean...true, but mean.

 

[Randolph Kinney]

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.]

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]

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]

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]

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.

 

[robert higgins]

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.

 

[Carnivore]

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]

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.