Releasing Reports?

[Willie]

I did and appraisal for XYZ mortgage and know the borrowers. XYX Mortgage was paid $350 by the borrower for the appraisal. XYZ jerked them around and raised their rate over 2% for this and that. Now borrower wants to go somewhere else. Because of client confidentiality and because the appraisal is only 1 month old, I told them I must get a release from XYZ to release the appraisal.

My question to you is, and forgive me for not finding the answer by searching, which I did(I'm a clutz on internet), did USPAP change earlier in the year regarding updates? Can I change date of appraisal(looking for newer better comps,current market conditions) and send it somewhere else, even though it has only been a month? I don't have the new USPAP book. Again, I know this has been addressed, but I can't find the threads. If anyone can point me to the specific threads, that would be good enough. Thanks for your help.

 

[Restrain]

The request is a new order from a new client. You just can't disclose any confidential financial information provided by XYZ mortgage. Get whatever fee you feel appropriate for the work being done and have fun. The release is no longer needed.

Roger

 

[Jo Ann Meyer Stratton]

You can access and print out the 2003 USPAP and USPAP Q&A from the Appraisal Foundation website.

http://www.appraisalfoundation.org/html/USPAP2003/toc.htm

Advisory Opinion 3 discusses updates to an appraisal, option 1 could apply in your situation. New assignment, new effective date, new walk through and a fee that you decide on.

 

[Mike Garrett RAA]

Will this never end? The appraisal you did belongs to Lender A. If they will not authorize it to be released to Lender B you have no choice but to do a new appraisal. Unfortunately the borrower is the one who gets shafted having to pay for two appraisals; however, they are also the beneficeries of a better loan. You can, of course, offer to reduce your fee since you have all the basic data already.

 

[Mountain Man]

Like was said above, it's a new request.... new USPAP thang.
I'd get a new request from the new lender, and walk through for a new inspection date. The fee is up to you and is your personal business. But if it were me.... it would would not be full fee.