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Report Revision And USPAP Compliance Question

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Matt

Freshman Member
Joined
May 21, 2015
Professional Status
Licensed Appraiser
State
North Dakota
A lender has asked me to revise a submitted report. She stated that she forgot to include the co-borrower on the engagement letter and would like me to add their name to the report. Is this USPAP compliant if I do so? I can't find it in the Q&A in USPAP but it seems like it would be okay as the borrower is NOT the client or intended user of the report from the stuff I've read. Is this clear cut against USPAP and I'm just missing the explanation somewhere?
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
You can correct errors in your report.
You are not allowed to make errors of omission or commission
The error of omission is your client's fault.
You can correct it.
Put a statement in the report, you added the borrower as that information was not originally sent to you and that nothing else within the report was changed by you.

.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
Of Course You Can -- Almost anything can be corrected or amended - Like posters 2 & 3 said explain and new signature date.
 

alex gilbert

Member
Joined
Feb 21, 2003
Professional Status
Certified Residential Appraiser
State
California
Add the co-borrower. Do not change the date of value. Add a comment that the original report, dated xx/xx/17, showed the borrower as Jane Smith. At the client's request, this has been amended to Jane and John Smith. No other changes have been made. Change the date of report to the date the revised report was transmitted to your client. Save the original engagement letter and the request to add the co-borrower in your workfile. Save both the original report and the revised report in your workfile. Cash check. Sleep well.
 

Tom4value

Senior Member
Joined
Dec 4, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
You can add a borrower because borrowers are not intended users. You are concerned about the USPAP rule against adding or subtracting intended users, I.e., switching an appraisal from conventional to FHA or vice versa because the users change.

As stated here, add the co-borrower, note the change in the report and change the signature date but not the effective date of the appraisal.
 
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