A typical lender that plans on reselling the loan to Fannie never has a need for a recertification similar to what I posted above. (that they want to know if you truly said the value in December 2004 was $10,000--end of discussion). Because Fannie Mae wants to know if the original appraisal and original effective date is over four months--if the value of today is at least what it was four months ago. That means they want an update. If the original effective date was less than four months ago, the appraisal was completed "subject to" and now that the home is complete or the repairs/conditions of that original appraisal is complete--then a "recert" might be able to be done. The 442, Satisfactory Completion Report, would be used to verify that everything was done that was said was going to be done and so the value as of the original effective date is now valid. That is one new assignment and one new report. And if the original effective date is less than four months ago, that should be all they need (they really don't need a "recert" or "update" for Fannie Mae. However, if that effective date is more than four months old, now in addition to the 442, they will need an update to be able to sell the loan to Fannie Mae. That new assignment could be reported in three different ways per Advisory Opinion 03 to USPAP. The appraiser could do a completely new URAR with new comparables and all the other details. Or the appraiser could use a 2055 exterior and incorporate the original report (staple pages of the original report to the file). Or if all parties involved, lender and appraiser or appraisal firm, are the original parties, a letter that has the seven items listed in AO 3 could be written and the original report referenced. There is an Appraisal Update form in most of the software packages that could be used with several items added because it does not have all seven required items.
The link that Robert provided is a new form that officially won't go into effect until late this fall. Some lenders are willing to accept them now, but others don't even want to hear about it until Fannie Mae's required date.
Every request received from a client is a new assignment. It is the appraiser's decision on what the fee will be. Richard has some good comments. Regardless of what terms the client uses, the appraiser needs to find out what they are really looking for in regards to effective date--then the appraiser says, yes I can do that, I will be sending you a report in such and such type of form and the fee will be $000. Then the appraiser decides which form would be appropriate.
Basically, if I understand Susan's situation correctly--the Appraisal Update form with the additional items that AO 3 requires, would be sufficient. Or you could try the new form Fannie Mae has if it is in your software. You would at least drive by the subject, taking new photos of front, street and any other angles possible, research the market that has occurred since December, work up a grid sheet for your work file with those new comparables, fill out the Appraisal Update form with the new effective date, attach what ever exhibits you might think necessary (the new subject photos, maybe a sales comparison grid, maybe photos of the new comparables, etc) and your invoice and ship it off to the client.
New effective date equals Update to an Appraisal.
Original effective date equals a Recertification of Value (and not acceptable to Fannie Mae if it is over four months).
