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Lender Name Change

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joeduncan

Sophomore Member
Joined
May 7, 2003
Professional Status
Licensed Appraiser
State
California
I had an owner wanting to change lenders, but they will not release appraisal. I know i need permission to release appraisal, but can i release the appraisal to the owner if they reorder the appraisal? or does this need to be under another appraiser? The owner is willing to pay the fee again. Thanks
 

Ghost Rider

Senior Member
Joined
Apr 27, 2003
Professional Status
Banking/Mortgage Industry
State
Connecticut
If you are retained by another mortgage company to do the appraisal, then you go back to the property, re-use what you can of your old work file, and do the aprpaisal for the full fee......
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
It's a new order and a new appraisal. Personally, I would go do a new walk through, search for any new comps that might be better than what was already used, etc.

You don't need a release from anybody. You can discount for this (or not) any way you feel is right for the work you will do.

new order and a new appraisal
 

Lee SW IL

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
New order, new report, new comps, new inspection ect.

No release required. But, you must reinspect, and appraise the property as of the new inspection date.
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
We discussed this once before but I don't think you have to do a new inspection. Where does USPAP say you can only do one Appraisal report per inspection? The report is confidential, and belongs to your client. Not you inspection.

If I had two people wanting an Appraisal of the same property at the same time why would I have to do two inspections? I don't think you do, you just have to write two reports. And they may be identical except for the client!

I believe you can do a new report from your original inspection and not violate USPAP.

If you disagree please quote USPAP, don't say so and so said. I am not saying I am not wrong! I am saying I can't find anything that proves me wrong.
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Jeff,

It's a new assignment with a new effective date, then it would probably be wise to do a quick inspection of the property.

Consider this....what if the house sustained some kind of serious damage between the first appraisal and the second (fire, flood, whatever)? Your signature on the new appraisal says that you inspected the property, so by not doing so you could be putting yourself at risk.
 

Lee SW IL

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Of course, you don't even have to see the home to do an appraisal, you don't even have to put your appraisal on paper. :rolleyes:




But, unless you like to have E&O claims filed, reinspect the property for a new effective date.
 

Patrick Egger

Sophomore Member
Joined
May 29, 2003
Professional Status
Certified General Appraiser
State
Nevada
Touchy area ... see AO-10, question 2 and 3 ... basically, I think your responsibility to the original client ends when the client's intended use is complete .... for a mortgage, when they make the loan or choose to pass. If the client doesn't make the deal ... and doesn't intend to for whatever reason, then I think your obligation to the original client is complete.

If the original lender is with holding the report, must be a reason (maybe the borrower walked and failed to pay fees owed to the first client) ... get permission from the new client to let the original client know of your intent via e-mail, fax, and proceed with a new report, date, etc.

Placing the first client on notice and hopefully getting a response by telling them you are doing a new appraisal on the same property and that you consider your prior obligations to them complete, gives them a chance to respond and you have documentation for the file.

Think about this ... old client files a complaint with the state, right wrong or indifferent, is all the hassle worth the easy fee ?

As for the inspection, do it again. Not a USPAP issue or requirement ... common sense & cheap insurance. I did a house a few weeks ago. Sent in the report, etc and the LO called yesterday with a "we need any extra photos and notes you may have that are not in the report" ... owner left town for a few days, 2nd floor bath pipes burst and virtally destroyed the place ... no one checking on property so water damage everywhere ... things happen and don't expect all to be honest.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Fannie Mae For 1004B 6-93 (that we include in all URAR lender appraisals)

Appraiser's Certification: The Appraiser certified and agrees that:

8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. .......

-----------------------------------

You KNOW it is 'assumed' you did that inspection as of the effective date of the appraisal. I wouldn't want to defend myself if I didn't.

Now all those supervisors that think it's OK to just drive by the subject and then check that you Did inspect the subject....... Wrong!

Please, READ these forms you are signing!

USPAP is the minimum standards. The supplemental standards also apply, especially when you sign them.
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Originally posted by Dee Dee@Jun 27 2003, 03:07 PM
Jeff,
Consider this....what if the house sustained some kind of serious damage between the first appraisal and the second (fire, flood, whatever)? Your signature on the new appraisal says that you inspected the property, so by not doing so you could be putting yourself at risk.
I agree with what your saying Dee Dee and Pam. But the URAR has a line for date for inspection and date of signature. So inspecting it a month ago and it burned after that would not be a problem AS LONG as you enter the dates correctly. (Matter of fact I had that happen) But as long as you put the effective date the day of your inspection there is not a problem.

I am not suggesting a new inspection is a bad idea, matter I fact I usually do that. Just trying to dispel the Old Wives Tale that we have to do a new inspection to do another report.
 
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