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Question Regarding Final Inspection

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berad

Freshman Member
Joined
Jan 20, 2010
Professional Status
Certified Residential Appraiser
State
Florida
I received an order from Lender A to do a final inspection on a new construction home. The original appraisal has Lender B listed as the Lender/Client. I also received a letter from Lender A which they received from Lender B stating that they "assign all rights and interest for the appraisal on the above referenced property". My question is can I list Lender A as the Lender/Client on the 1004d?
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
The final inspection from Lender A is a new assignment, If it was ordered as a 1004d without an update than it is not an appraisal. So you can do the service for Client A. You should let them know you have done a prior service prior to accepting the assignment (yes, I know they know, etc., etc., but that is what the USPAP requires). Since, however, the 1004d is not an appraisal, you are not required to disclose the prior service in that document (no problem if you do).

What I recommend is that you have Client A send you a copy of your appraisal and put it in your workfile as evidence that they provided you with the copy rather than the other way around.

Collect the money and complete the assignment.

Good luck!

Oh, and if the form (at the top) requires the original client of the original appraisal to be named, that should be Client B.
 

berad

Freshman Member
Joined
Jan 20, 2010
Professional Status
Certified Residential Appraiser
State
Florida
The final inspection from Lender A is a new assignment, If it was ordered as a 1004d without an update than it is not an appraisal. So you can do the service for Client A. You should let them know you have done a prior service prior to accepting the assignment (yes, I know they know, etc., etc., but that is what the USPAP requires). Since, however, the 1004d is not an appraisal, you are not required to disclose the prior service in that document (no problem if you do).

What I recommend is that you have Client A send you a copy of your appraisal and put it in your workfile as evidence that they provided you with the copy rather than the other way around.

Collect the money and complete the assignment.

Good luck!

Oh, and if the form (at the top) requires the original client of the original appraisal to be named, that should be Client B.

Thank you Denis. I appreciate your time.
 
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