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re-writes

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Valerie Anne

Thread Starter
Freshman Member
Joined
Jan 29, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
Please remind me, how and why aren't we to do re-writes? I have a realtor contact who wants me to appraise a home, then he wants to take the appraisal to his lender (a lender that I am on the list of) and get his loan. I told him, the lender would want to choose the appraiser, etc. etc. He wants to use me because he knows me, and says the lender will ask me for a re-write to put the lender name on the appraisal.

I seem to remember something from CE classes that we shouldn't be doing this. But I don't find a specific law. Is anyone up on this?

thanks much.
 

Doug Meyer

Senior Member
Joined
Sep 13, 2003
Professional Status
Certified Residential Appraiser
State
Indiana
If the property is to be used in a financial transaction, the lender must order the appraisal. The homeowner cannot order the appraisal for the lender. The homeowner and Realtor can recommend or ask for you to do it and if the bank agrees..great! Have the lender contact you directly and that will save a lot of problems.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Please remind me, how and why aren't we to do re-writes? I have a realtor contact who wants me to appraise a home, then he wants to take the appraisal to his lender (a lender that I am on the list of) and get his loan. I told him, the lender would want to choose the appraiser, etc. etc. He wants to use me because he knows me, and says the lender will ask me for a re-write to put the lender name on the appraisal.

I seem to remember something from CE classes that we shouldn't be doing this. But I don't find a specific law. Is anyone up on this?

thanks much.


Well do the appraisal for him and charge. No problem there. Homeowenrs can not order appraisal for most lenders. An in house loan/lender can use what ever manner of valuing a property they choose, by what ever means.

Then do a new appraisal appraisal for the lender and charge. No problem.

This should increase your wealth and stop people from sucking eggs.
 

Lawrence R.

Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
Comments (AO-26)

No. Once a report has been prepared for a named client(s) and any other identified intended users and for an identified intended use, the appraiser cannot “readdress” (transfer) the report to another party.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I beleve FIREA does not allow this either.
 

alex gilbert

Member
Joined
Feb 21, 2003
Professional Status
Certified Residential Appraiser
State
California
From: http://www.FDIC.gov/news/news/financial/2003/fil0384a.html

"Institutions may not use an appraisal prepared by an individual who was selected or engaged by a borrower. An institution's use of a borrower-ordered appraisal violates the agencies' appraisal regulations. Likewise, institutions may not use "readdressed appraisals" -- appraisal reports that are altered by the appraiser to replace any references to the original client with the institution's name. Altering an appraisal report in a manner that conceals the original client or intended users of the appraisal is misleading and violates the agencies' appraisal regulations and the Uniform Standards of Professional Appraisal Practice (USPAP)."
 

NHunsicker

Sophomore Member
Joined
Aug 7, 2008
Professional Status
Licensed Appraiser
State
California
So just for clarification then... If an appraisal was ordered by a lender. And the borrower then wanted to move to a different lender, could the first lender release the appraisal to another lender and have you not change, but add another name to the intended users with an explanation of why? Or would that be against the rules too?

Edit:

Additionally if this isn't allowed, what about creating a new report and workfile with the same as of date as the original appraisal but with the new client as the client. Of course at that point you would want to confirm that all your data is accurate and you haven't missed something, but why would that be unacceptable if the conditions were still the same? I am of course speaking only from a lender to lender change not a borrower to lender change.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
So just for clarification then... If an appraisal was ordered by a lender. And the borrower then wanted to move to a different lender, could the first lender release the appraisal to another lender and have you not change, but add another name to the intended users with an explanation of why? Or would that be against the rules too?

Edit:

Additionally if this isn't allowed, what about creating a new report and workfile with the same as of date as the original appraisal but with the new client as the client. Of course at that point you would want to confirm that all your data is accurate and you haven't missed something, but why would that be unacceptable if the conditions were still the same? I am of course speaking only from a lender to lender change not a borrower to lender change.


Not after the fact.
 
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