Lender Name Change

[hastalavista]

If I did an appraisal for Lender Bob and a few hours later Lender Bobbi wanted one too I could just swap the names out and no one would be the wiser. Except for me.

If Lender Bob and Bobbie were both the identified clients at the time of your engagement, everyone who read the report would know and you wouldn't be swapping out anything.

 

[TRESinc]

The lender names listed in the request were the primary and secondary lender. The primary lender would have underwritten the loan if the property qualified for FHA. Unfortunately it needed too many repairs so I am assuming the secondary lender will be processing the loan and keeping it "in-house". Having their name on the report saves time and money for the borrowers since they will not need to order a new appraisal. I failed to list the secondary lender in my initial report since it is not common to see 2 lender names on an appraisal request. I did add their name and documented what I did within the report and kept a copy of both and updated the signature page with a current date.

Thanks for all your help and comments.

everyone seems to have missed this part...

 

[RSW]

everyone seems to have missed this part...

I didn't miss it. What was the intended use for the 2nd lender? Was it going to be the same as stated for the FHA or was it for conventional lending purposes? I hope you gave both intended uses if it is the latter of the two.

 

[TRESinc]

I didn't miss it. What was the intended use for the 2nd lender? Was it going to be the same as stated for the FHA or was it for conventional lending purposes? I hope you gave both intended uses if it is the latter of the two.

you would have to ask those questions to the OP, it's not my work.

 

[BRCJR]

If I did an appraisal for Lender Bob and a few hours later Lender Bobbi wanted one too I could just swap the names out and no one would be the wiser. Except for me.

Lender Bobbi would have had to have engaged you. At that time you wouldn't you have to indicate to Bobbi you previously appraised the property? and would have to include previous services?
Someone would at least know you had appraised the property before, not necessarily a few hours ago.

Bobbi would be the wiser.

 

[CANative]

Lender Bobbi would have had to have engaged you. At that time you wouldn't you have to indicate to Bobbi you previously appraised the property? and would have to include previous services?
Someone would at least know you had appraised the property before, not necessarily a few hours ago.

Bobbi would be the wiser.

Here's the point of Bob and Bobbi.

If the OP did not state in the first appraisal report that the intended use was for FHA then it's an error. Now that the 2nd lender wants to use the same appraisal report for conventional lending the pre-printed intended use works for them. That seems to be where some of the arguments are going. My point is that while it might fly, the appraiser knows (or should know) that there are two different intended uses going on and that the appraisal for the 2nd lender should be treated as a new appraisal assignment.