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New USPAP Q & A October 2009

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Show me something from HUD/FHA that states an appraiser cannot do a new FHA appraisal for a different client.
 
So the new assignment for client B would have the same FHA case number? Or is FHA assigning a new case number to the new assignment? If no, wouldn't you have two appraisals with the same case number but different SOW, effective dates, clients and or borrowers? Neither one sounds correct. Since FL is a mandatory USPAP state I don't see myself reassigning any reports. This is too much like FHA saying blue is the new green and USPAP saying no it's still blue. Cross USPAP and answer to the state or cross FHA and be removed from the roster.
 
WMOORES said:
So the new assignment for client B would have the same FHA case number? Or is FHA assigning a new case number to the new assignment? If no, wouldn't you have two appraisals with the same case number but different SOW, effective dates, clients and or borrowers? Neither one sounds correct. Since FL is a mandatory USPAP state I don't see myself reassigning any reports. This is too much like FHA saying blue is the new green and USPAP saying no it's still blue. Cross USPAP and answer to the state or cross FHA and be removed from the roster.
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My understanding is the case # goes with the property not the borrower. Once the appraisal has been done and Lender A enters it into FHA's system, that appraisal has to be used for the next 4 months, no matter who the lender or the borrower is. If it is a purchase and it falls thru, then two months later if a new buyer wants to go FHA, when the Lender B (who has not clue that there was even an appraisal done) orders the case # and enters the property address then I guess they get some kind of notification, not really sure how it all works. This also could really effect the seller, if an appraisal is done and comes in low and the contract gets voided, if the lender has entered it into FHA, then regardless of whether the appraisal is accurate or not, the seller won't be able to sell his house with FHA financing for any more than the appraisal (for 4 months anyway).

I'm not sure what the answer is and what the proper way to handle it is. If you treat it like a new assignment, wouldn't there be predetermined value?
 
It's only 9:45am here and after reading all of this, I need a drink....geesh!:new_all_coholic:
 
wouldn't there be predetermined value?
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That alone does not consitute an ethics violation. The prohibition is against agreeing to compensation based on predetermined assignment results or result that favor the cause of the client.

A new assignment could result in a new conclusion or opinion. Or it might not. Who knows until the assignment has been completed?
 
Greg Boyd said:
That alone does not consitute an ethics violation. The prohibition is against agreeing to compensation based on predetermined assignment results or result that favor the cause of the client.

A new assignment could result in a new conclusion or opinion. Or it might not. Who knows until the assignment has been completed?
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To effect a client name change, the second lender and the original appraiser may engage in a new appraisal
assignment wherein the scope of work is limited to the client name change. A new client name should include the name of the client (lender) and HUD."


Doesn't this name only change insist on a predetermined value?
 
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