• 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.

Lender change

Status
Not open for further replies.

BIGSKIPPER

Thread Starter
Freshman Member
Joined
May 29, 2007
Professional Status
Certified Residential Appraiser
State
Florida
I know that you can not change the lenders name on an appraisal. New lender name= new appraisal. I generally charge a reduced fee for the new appraisal depending on the amount of work involved. My question is, What about the FHA case #. Can another lender just assume the original # or do they apply for a new one? The new lender is requesting I include the original FHA case # in the new appraisal. I dont want to violate any guidelines with USPAP or FHA/HUD. Thanks, Martin
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
The lender can get the appraisal from the other lender. A name change is not required. HUD and assigns are intended users identified in the report. You cannot provide them with copies because they were not your client. You can't do a "new assignment" for them.
 

BIGSKIPPER

Thread Starter
Freshman Member
Joined
May 29, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Thanks for the heads up, Martin
 

Colleague

Junior Member
Joined
Oct 30, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
Why not charge a new & full appraisal fee? If they know that it's a good/slam dunk appraisal which you can deliver to them fast, they shouldn't be trying to get you to cut your fee. If they don't like it, they can hire another appraiser and take their chances on getting a quality report in a timely manner. It's a chance I'll take every time. You win some, lose some, and some are rained out...
 

Mike Millson

Sophomore Member
Joined
Dec 23, 2005
Professional Status
Certified Residential Appraiser
State
Virginia
If you have done a FHA appraisal on the property already, then you don't need to do anything. It is up to the new lender to do the required paperwork to switch lenders on his end with the FHA. They use your first appraisal with the other lenders name on it. That is why the FHA is one of the intended users of the original.
 

David Beasley

Senior Member
Joined
Dec 12, 2003
Professional Status
Certified Residential Appraiser
State
North Carolina
The lender can get the appraisal from the other lender. A name change is not required. HUD and assigns are intended users identified in the report. You cannot provide them with copies because they were not your client. You can't do a "new assignment" for them.

Agreed. And don't take "No!" as an answer from either party. Sometimes we have to educate even the lenders themselves in these matters, so point them to the link a couple of posts below from Tipton. It clearly lays out how to achieve this goal without a second appraisal between the 2 separate lenders.

In fact, I am pretty sure there is verbiage in most all the major guidelines now about Lender B using an appraisal from Lender A in situations like this. Apparently, someone finally told them we can't readdress existing appraisals to new clients. And they've figured out that being hard headed and ordering a "2nd appraisal" costs someone somewhere, a 2nd appraisal fee.
 
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