Request To Remove AMC Name From Page 6 Of URAR?

[CoCat]

Hello and help!

I'm at a loss with an AMC/Lender that I've been doing a large amount of work for lately. This is the first time this issue has come up with this company so I am not sure what is going on.

I have a completed 1004 UAD-URAR ordered by "AMC" for "Lender".

I have received two revision requests on this property asking/telling me to remove the AMC name from Page 6 under "Name" and instead list the Lenders name there. Now I've already got the lenders name listed on Page 1 under Lender/Client and on page 6 under the Company Name section. As far as I am aware, the "Name" segment they are referring to on Page 6 (above Company Name) is supposed to be the AMC.

I declined the first revision, stating that the clients name be listed under the name heading is a UAD requirement. Now they have come back stating essentially "explain to appraiser it needs to be the lender name, we still need this revision done, and that all other appraisals are done in this manner".

This is very confusing since I have not done a single one for them this way. The order request clearly states "AMC" as client and "Lender" as lender... I believe it is required this be reported in my report in the designated location to be UAD compliant.

Also, does this change if the AMC is possibly a subsidiary of the lending institution. Or more specifically an ABA, although I am unaware of what that means.

What to do...?

 

[Randolph Kinney]

Why don't you quote Fannie Mae?

From UAD Appendix D

LENDER/CLIENT

Name

The appraiser must enter the name of the appraisal management company (AMC) in this field if the appraisal is ordered through an AMC. If no AMC is involved, ‘No AMC’ must be entered.

 

[CindyR]

Why don't you quote Fannie Mae?

From UAD Appendix D

LENDER/CLIENT

Name

The appraiser must enter the name of the appraisal management company (AMC) in this field if the appraisal is ordered through an AMC. If no AMC is involved, ‘No AMC’ must be entered.

Good Answer!

 

[Terrel L. Shields]

Exactly tell them that Fannie Mae requires it, you provide it, and it stays in the report.

 

[Tom Woolford]

Is the report for lending purposes or servicing / PMI / REO purposes? If its not going FNMA, there is no need or responsibility to put it in there.

 

[form1025]

If they are the client ,their name goes there ,period.

 

[Tom D]

antenna just went up. why is the lender trying to hide the AMC? no, no, only appraisers do funny things. looks like you will lose either way. no lender orders, or no state approval. i go with saying the AMC name on report, as that would be expected by everyone, except this lender. maybe they can represent you at your hearing.

standing in front of the state board, "they told me it was ok to do it that way."

If they are the client ,their name goes there ,period.

if that is true, then why do you have to write "no AMC" when there is no AMC on that line. you go on, and follow that thought, although by saying "no AMC" that would infer that the lender ordered it, the client. that line is for 3rd parties involved in the ordering process to help clarify "the usefullness of the stealing AMC".

 

[CoCat]

Tom - The report is a conventional purchase.

I agree that I don't understand why on this ONE report they want to hide the AMC name. This has never been an issue before with the work I have done for them. I quoted Fannie back to them, thanks Randolph, as well as the FAQ from UAD regarding the ONLY two options for that line are "No AMC" or the "Name of the AMC". They cancelled the revision request "per uw response" this morning.

It particularly bugs me that they tried to say all appraisals were done that way...

I actually had interpreted Form2055 comment as "If they are the client (the AMC) their name goes there." Maybe my mistake, but I did tell them no in the end.

Thank you everyone!

 

[BRCJR]

Is the report for lending purposes or servicing / PMI / REO purposes? If its not going FNMA, there is no need or responsibility to put it in there.

if they asked for FNMA guidelines to be adhered to by virtue of requesting a 1004 it must stay.

 

[Rlong]

Rather than a large conspiracy it is likely an inept underwriter...

Bob in CO