New lender purchased old lender...

[PeterPetrelli]

You can do a 1004D for anyone. In your case, I would do it showing the old lender where it asks, the new lender where it asks, and not disclose any confidential info (value). I would accept the assignment under the condition that I would not disclose prior assignment results.

Edit: Above comment pertains to a final inspection. After a year, I would only do a new report if they want an update.

Yeah, I should have specified, it's an appraisal update, not completion certificate. When I say "last year" I just mean 2024, that that it's a year+ old... it's only 7 months old.

 

[PeterPetrelli]

I would treat it as the same lender. They are just now under a new name and I'd say so in comments. There is no lender A anymore, right?

That is a good question, initially I thought no... but actually lender A still exists and is now a partner with lender B, they just don't do loans anymore. Lender A's primary business has always been is asset management and property maintenance. After the partnership, lender A's lending programs were shifted to lender B.
This is for an appraisal update, not completion certificate, for clarification.

 

[J Grant]

That is a good question, initially I thought no... but actually lender A still exists and is now a partner with lender B, they just don't do loans anymore. Lender A's primary business has always been is asset management and property maintenance. After the partnership, lender A's lending programs were shifted to lender B.
This is for an appraisal update, not completion certificate, for clarification.

Imo, you are way overthinking this.

Who is possibly coming to care about or sancion you for a non existent or obscure USPAP violation -Disclose prior service, disclose the original appraisal was done for name X who is now using the partner name Y, and that the value has not declined ( if that is the case ) Or that the value declined (( if that is the case ) -

 

[Surf Cat]

I have a couple of questions that relates to my initial post. The OP has stated the OA was completed 7 months ago.
 
 How long is the original FHA appraisal good for? Can the OP recertify the value with a 1004D after 7 months?

An appraisal update must be performed before the initial appraisal, with no extension, has expired. Where the initial appraisal is subsequently updated, the updated appraisal is valid for a period of 240 Days after the effective date of the initial appraisal report that is being updated.”

 

[PeterPetrelli]

Imo, you are way overthinking this.

Who is possibly coming to care about or sancion you for a non existent or obscure USPAP violation -Disclose prior service, disclose the original appraisal was done for name X who is now using the partner name Y, and that the value has not declined ( if that is the case ) Or that the value declined (( if that is the case ) -

Probably not untrue...
I'm not overly concerned about getting sued or reprimanded by the state, I just want to make sure I'm doing what's right, that's all.

 

[sputnam]

I actually already drove by there to take exterior pictures which is the minimum required inspection.
It was not until I got back to the office that I noticed the client had changed. I should have specified that the 1004D is being used as an appraisal update, not certificate of completion. So yes, I will need to do a fair amount of research and documentation for my file.

Same answer. It's a new assignment. A 'new' Client.

 

[J Grant]

Same answer. It's a new assignment. A 'new' Client.

Exactly.
A 1004D is a new assignment even when it is the same client.

 

[Tom D]

Same as a 1004d repair with a different client. Original lender at page 1 top, new lender at signature date. This is a new assignment with da work file. My direct lender always wanted a new 1004mc, i guess to show that market is stable at worst. I attach a lot of MLS stuff showing what has market happened since the original date. Easy to do at my fee.