lender requesting change

[JT1599]

hello:

the original client is being requested by lender to take off their name and put theirs . Can I get some input in this.

 

[stefan olafson]

There are literally hundreds of posts on this!

NEW CLIENT/NEW APPRAISAL

You CANNOT just change the name!

 

[davebram1]

Read AO 26 in USPAP. That is all you need.

 

[Pamela Crowley (Florida)]

Absolutely not. They MUST order a new appraisal, period.
Have you discussed this with your supervisor, as in Florida, you as a trainee can only legally accept orders directly from your supervisor.

 

[Charles Knutson]

If you change the client name, you have to create a new report -- this can be done by changing the file number and the signing date. Everything else can stay the same.

 

[JT1599]

thank you, I had never had this situation before when the lender requested their name instead of the mortgage comapany...Thank You

 

[Cob]

Ask your sponsor, is he or she not around?

 

[Deleted member 77547]

If you change the client name, you have to create a new report -- this can be done by changing the file number and the signing date. Everything else can stay the same.

So how are you handling the date of engagement from the new client vs. the effective date of the appraisal?

 

[CANative]

So how are you handling the date of engagement from the new client vs. the effective date of the appraisal?

Ask the new client if they need a new inspection and new effective date. If they do, reinspect and use a new effective date. If they don't, use the prior inspection and effective date with a new report date. But stay in control of the situation. If it's been too long and credibility becomes an issue don't let the new client dictate unacceptable assignment conditions.

 

[Webbed Feet]

You can't change the client name. It has to be a "New Assignment." This cannot be done by just changing the file number and the signing date. Absolutely nothing just all "stays the same."

Repeat after me: A different client cannot be substituted for the original client for an assignment already done for the original client. An appraiser can accept a new assignment from a different client.

Webbed.