Property owner copy

[Monica (N GA)]

If a subject property owner(s) requests a copy of their property's appraisal. But the lender says " I am not supposed to show it to you". But in maintaining borrowerlender relations the lender says, "OK, but don't tell the appraiser." Is this lender blowing smoke or is he not bound to the borrower's request? Thanks Terry

Terry

The lender is required by law to give the property owner a copy of the appraisal. I have never heard of the lender telling the property owner "don't tell the appraiser". It sounds as if he is blowing smoke.

The confidentiality question comes in to play when the property owner calls the appraiser directly and asks for a copy of the appraisal or for information regarding the appraisal. Then the appraiser is bound by USPAP to tell the property owner to call the lender(client).

Monica

 

[Anonymous]

Maybe I missed it, but no one has stated the obvious. When you send a copy to the homeowner, they become an intended user of the report and you need to so state it in the report.

 

[jtrotta]

Monica - you said you recieved an order (I assume from the Lender) and on that order were your instructions; to send one appraisal to the lender and one to the homeowner; if thats their instructions why would you not follow what they order??

Lender's have different rules they folow for each Bank or Mortgage company - they all don't have one set of Rules. It's very inconsistent and creates other problems. We do get some similar requests.

Good Luck 8)

 

[Charlotte Dixon]

Expensive Lesson I Learned Years Ago:

Homeowner called, wanted PMI removed. Told me they had a letter from their lender telling them just to get any local certified/licensed appraiser to do the work and mail it to the address they indicated. So, I did inspection, examined letter from lender, got paid by homeowner, completed work in lender's name and mailed it to lender. Homeowner called and asked where appraisal was, da, da, da...etc. I told them I mailed it to address provided. Lender said they never got it. I had to re-do the report, including photos (no digitals at that time) and then, gave it to homeowner to mail.

Since then, I:
Do inspection, review their letter from lender, collect fee, prepare report and take report or mail it to homeowner for them to mail to lender. That way, it's their responsibility.

 

[Monica (N GA)]

jtrotta:

Good question. I am still a relative newbie. I have only been appraising 3 years and of the 1000 or so appraisals I have done, I have never had the lender request that I send a copy of the appraisal to the homeowner. I certainly don't mind doing it, but with all of the squalk on this forum about who's the client, who we address the report to, and who we discuss/give information to, I thought I would run it by you guys first. After all, this is a great forum for information and although I don't post very often (frankly I'm scared of some of you :lol: ) I have been lurking for over a year and have learned a lot. (except how to spell).

Thanks for all of your help.

Monica

 

[metrocoast]

My suggestion is that you check with your state appraisal board (or whatever they call it in your state). In California, the Office of Real Estate Appraisers has made it clear that it is the lender's responsibility to provide a copy of the appraisal. In fact, they included a form letter of sorts in a previous issue of our OREA newsletter and encouraged CA appraisers to directly copy it onto letterhead and give to a borrower when the property inspection is performed. Bottom line...I think you should really check with your state board and investigate the matter with them. Good Luck.

GV in California

 

[metrocoast]

My suggestion is that you check with your state appraisal board (or whatever they call it in your state). In California, the Office of Real Estate Appraisers has made it clear that it is the lender's responsibility to provide a copy of the appraisal. In fact, they included a form letter of sorts in a previous issue of our OREA newsletter and encouraged CA appraisers to directly copy it onto letterhead and give to a borrower when the property inspection is performed. Bottom line...I think you should really check with your state board and investigate the matter with them. Good Luck.

GV in California

 

[Larry Lyke]

Sounds to me like the Lender has issued an order for an appraisal and indicated how the Lender wants the distribution of the appraisal to be made.

It's doesn't get any easier and simpler than that.

Mail the Borrower a copy of the appraisal and cash your check.