"re-type"

[Frederick R. Ruffell]

With less than 5 years experiance I guess there are still first times for everything. I got a call from a lender (A) who wants "a re-type" of an appraisal report that I did for another client (B). I tell them to get a release of liability from B and to call me back. Well they, A, get the release from B and call me back. I said I will need the release of liability before I will discuss anything. Now the good part. He wants me to put their , A, name on the report for $0.00, nada, nothing, zip, zero!! I told him that FNMA does not require that their A, name be on the report and to go get it from B. I feel that it is not good business to do anything for free. What do you all say?

 

[Tim Hicks (Texas)]

I require a release in writing on company letterhead from the original lender before I will do a re-type. Then, my fee is $100 up front. It has been my experience that you will get burned on re-ype fees unless you get paid up front. Trust no one, every time you do you will get burned.

 

[Jo Ann Meyer Stratton]

First the important part--charge a fee, I charge 1/3 of the original appraisal fee. The lender does not need their name on the report, don't have all the references handy now but it is in both USPAP and FIRREA.

If they still want a retype, your original client needs to provide you with written permission to do so. The second client might have a release they send you--but because I am cautious, how do I know it really came from the original client. So after you are comfortable the writing from the first lender with their permission to retype for a new lender then go ahead. I put the following statement on page one of the URAR:

"This appraisal report was originally prepared for ABC Mortgage Company and with written permission on file in my office, the name has been changed to XYZ Mortgage Company."

On page two of the URAR:

"The original signature date was 01/01/2001, the effective date remains 01/01/2001, however the signature date indicated below reflects the transfer to the XYZ Mortgage Company with written permission from the original client, ABC Mortgage Company."

I like to split those two paragraphs between the two pages and not put them on an addendum because addendums, etc get "lost" "misplaced", etc and two different reports with two different clients and different signature dates could get very confusing.

 

[John M. Parker]

You are under no obligation to retype this report for free or otherwise.

One user and one use. We get calls several times a year from people we would never do business with wanting - demanding that we perform retypes for them. Some are old time experienced LO and MB's and always argue that the report belongs to the borrower because he is the one that paid for it.

I had a good one.

Lender "A" orders appraisal for the purchase of home. Escrow closed, no problem.

Lender "B" who I wouldn't do bsuiness with if he was the last lender in Arizona. Calls six months later and tells us to retype for his company.

I happen to know that the purchase closed escrow and asked him why he wanted the retype, says they are doing a refinance and it's their appraisal so do it. I tell him to kiss my foot :wink: and he calls me a dirty SOB and slams the phone on in my ear.

I love this business. Good money, excitement and free entertainment. :lol:

 

[Pamela Crowley (Florida)]

Three great responses already. I can't top any of them.

:lol:

 

[Mountain Man]

I charge for re-types too. It takes some time, effort, and my bizniz equipment to get it done, I don't buy DSL for nutin'. It is a service I SELL to my clients.

 

[Ross (CO)]

My last re-type request was back in February. Had done a report for someone brand-new in the loan brokering biz, and my report could have been for her first loan deal. This client (home office up in Denver area) was absolutely insistent that I provide them copy of my certificate of E & O coverage at beginning. I dragged my feet on it a day or two, then sent the declaration page stating "I had coverage". Not good enough, they wanted to know $ amount.....so I sent that page, reluctantly. About a month later I get semi-frantic recorder message asking that I "re-type" report in name of another shop here in C/S. Original local l.o. had royally screwed up and h/o p***** and walked from their "deal". Called her, no can do from phone message request. The home office fax's briefest of letter but does not mention wording of "authority to release", nor mention the name of other company (as stated in phone message). Called back, no can do. Need proper wording and references, and this time SIGN the letter and I mentioned it should be in the name of the president of the company (which I had earlier inquired about from their local rep). Got that letter on third attempt, delivered it and got my $50 at that time. Some clown insists on E&O document......and I going to re-type based on a phone message.....no way ! The new Intended User/Intended Use wording should help us all with these scenarios in the future.

 

[Lee SW IL]

I will not "retype" a report. Never, nada, aint gonna happen.

When I get a request from another lender(B) about a report a performed for Lender (A).

I tell them I cannot release any information in that report(periord).
HOWEVER, I will perform a new report for Lender B, but there is a new date on the report, new comps, if needed, ect.

According to our State Director, (Illinois), the LENDER CANNOT RELEASE YOU OF YOUR LIABILITY. Your data in that report is confidential and specifically for that client.

But, if a NEW appraisal is performed, it is not against any standards.

If I just appraised the property in the last few months, I would give a break in my fee. Say 50-25% discount.