• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

reassigng FHA appraisal

Status
Not open for further replies.

malone4

Thread Starter
Freshman Member
Joined
Sep 1, 2008
Professional Status
Certified Residential Appraiser
State
North Carolina
I have received a new lender transfer for a FHA appraisal. I can not find any information about reassigning the original appraisal. Can any anyone advise? Thanks
 

redfish

Senior Member
Joined
Sep 2, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
You can provide the copy of the report to the new lender. The report was completed for the original client, FHA and any "sucessors or assignees" Provide the original report you sent out, without changing ANYTHING. The report should match the original report to the "T".

I am pretty sure any FHA appraisal has to have "sucessors or assignees" in the client line of the appraisal in the subject section on the first page of the URAR.
 

VegasWayne

Senior Member
Joined
Nov 15, 2007
Professional Status
Licensed Appraiser
State
Nevada
Client Name & FHA/HUD & "sucessors or assignees" won't fit in the space provided on the report. Give them a copy of the original appraisal and point them to item #23 on page 6 if they want you to change the lender name.
 

redfish

Senior Member
Joined
Sep 2, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
Most good FHA lenders now that the name of the client does not have to be changed. The verbiage I detailed is technically a requirement, although I don't have any proof of this. Changing the font size is an option.
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
The new lender won't be able to get a new case number until 6 months have passed since the original case number was assigned.
 

Ken Youngkrantz

Junior Member
Joined
Dec 2, 2003
Professional Status
Licensed Appraiser
State
California
Malone4..you sent the appraisal report in. You are out of the picture. If a new lender wants a copy of the appraisal they go thru the HUD connection website to get the report from the first lender. Do not.... I repeat do not let the new lender talk you into anything. If they can't make the deal work the way the report is..that is their situation to deal with. If you made an error on the original report and the 2nd lender asks you to change that, you can do that. Anything else the answer is no!! Call HOC
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
This is a timely thread! I was just searching for this topic on AF with no luck eventhough I know I added to a similar thread a few months ago. STICKY anyone.

My situation has local homeowners who are being bait and switched by a real @sshole of a mortgage broker back east who just piled on two points to their closing costs. They are shopping for a new lender, but are worried that the @sshole broker will not release the FHA appraisal that I completed and was paid for. I am not really sure what to tell them. Any advice?
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
This is a timely thread! I was just searching for this topic on AF with no luck eventhough I know I added to a similar thread a few months ago. STICKY anyone.

My situation has local homeowners who are being bait and switched by a real @sshole of a mortgage broker back east who just piled on two points to their closing costs. They are shopping for a new lender, but are worried that the @sshole broker will not release the FHA appraisal that I completed and was paid for. I am not really sure what to tell them. Any advice?

First tell them that their is nothing that you can do to help them as far as transferring the appraisal or FHA case number. Second, tell them to go talk to a new lender if they so desire. If they decide to change lenders, the new lender has to make a request from the original lender to reassign the FHA case# and provide the FHA appraisal to them. The original lender has the right to withhold the appraisal until they have been paid for it, but as long as the borrower (or the new lender) has paid for the appraisal fee, under FHA guidelines the original lender is supposed to cooperate with the new lender and transfer the case # and forward the appraisal. If the original lender refuses to cooperate, the new lender can contact the HOC for your area and the HOC will force the original lender to do what's in the best interest of the borrower under the threat of pulling the original lender's FHA approval.
 

redfish

Senior Member
Joined
Sep 2, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
First tell them that their is nothing that you can do to help them as far as transferring the appraisal or FHA case number. Second, tell them to go talk to a new lender if they so desire. If they decide to change lenders, the new lender has to make a request from the original lender to reassign the FHA case# and provide the FHA appraisal to them. The original lender has the right to withhold the appraisal until they have been paid for it, but as long as the borrower (or the new lender) has paid for the appraisal fee, under FHA guidelines the original lender is supposed to cooperate with the new lender and transfer the case # and forward the appraisal. If the original lender refuses to cooperate, the new lender can contact the HOC for your area and the HOC will force the original lender to do what's in the best interest of the borrower under the threat of pulling the original lender's FHA approval.

My understanding is that the new lender must only contact HUD/FHA to get the FHA case number assigned.
 

lionfish

Junior Member
Joined
Feb 8, 2004
Professional Status
Certified General Appraiser
State
Washington
I went through something similar. The new lender had a copy of the appraisal provided by the original lender but not the CIR that followed. I waited until they had gone through the process of transferring the case # before I provided the CIR that went with the orig appraisal report. The CIR I provided still had all the original lender info, etc. on it. I changed nothing. I did quote them a fee to reappraise the property based on the amount of work required then they could have a new appraisal, new effective date, etc. in their name. They did the research and discovered they did not need the appraisal in their name they just needed the case transferred.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks