Revisions From Multiple Lenders

[ilsindaco2628]

Hi all

My office completed a report back in early January. The report was cleared by the original AMC and lender. Now over two months later, the appraisal was transferred to a new lender, and someone from the new lender is e-mailing me requesting revisions. We even did what they asked and now they want more. What's our obligation here? This is a report cleared over two months ago and now we're being hounded by a new lender we have no relationship with to make revisions, provide more photos of the subject's basement, and so on..

Thanks!

 

[J Grant]

charge a good fee for any further revisions then it is their call

 

[Terrel L. Shields]

What's our obligation here?

You have already violated confidentiality. You should NEVER alter a report except to the ORIGINAL client. Tell them to take a hike...

 

[Trihard]

A new client expanding the scope two months later when they were not even the original intended users ROFL.
You have zero obligation to them since you were never provided an engagement letter or any sort of scope requirements from this new client. Telling them to take a hike is correct.

 

[ilsindaco2628]

A new client expanding the scope two months later when they were not even the original intended users ROFL.
You have zero obligation to them since you were never provided an engagement letter or any sort of scope requirements from this new client. Telling them to take a hike is correct.

That was my initial inclination... Though I wanted to make sure because the original e-mail to us came with an e-mail chain showing the original report and case number was sent from the old lender to the new one.

 

[lostinthezone]

Since you mentioned "Case Number", is this an FHA? Their guidance is;

Can the new Mortgagee require corrections/inspections from the appraiser on a transferred case?

In cases where a Borrower has switched Mortgagees, the first Mortgagee must, at the Borrower’s request, transfer the appraisal to the second Mortgagee within five business days. The Appraiser is not required to provide the appraisal to the new Mortgagee.

The client name on the appraisal does not need to reflect the new Mortgagee.

If the original Mortgagee has not been reimbursed for the cost of the appraisal, the Mortgagee is not required to transfer the appraisal until it is reimbursed.

The second Mortgagee may not request the Appraiser to re-address the appraisal. If the second Mortgagee finds deficiencies in the appraisal, the Mortgagee must order a new appraisal.

For additional information see Handbook 4000.1 II.A.1.a.iii(B)(8) at https://www.HUD.gov/program_offices/administration/hudclips/handbooks/hsgh

You might want to take a deeper look at the handbook if it is.......

 

[spittman]

You say things like "my office","we","our". Are you still a trainee making these revisions on behalf of your supervisor or are you newly licensed?

 

[Lee Lansford]

That was my initial inclination... Though I wanted to make sure because the original e-mail to us came with an e-mail chain showing the original report and case number was sent from the old lender to the new one.

Your initial inclination should have been your final inclination.

 

[KYLECODY]

Hi all

My office completed a report back in early January. The report was cleared by the original AMC and lender. Now over two months later, the appraisal was transferred to a new lender, and someone from the new lender is e-mailing me requesting revisions. We even did what they asked and now they want more. What's our obligation here? This is a report cleared over two months ago and now we're being hounded by a new lender we have no relationship with to make revisions, provide more photos of the subject's basement, and so on..

Thanks!

Politely say too bad, so sad. Ive had that happen a couple times. A few years ago I said no..a week later it came back from the original client for a revision, months after the report. I dragged my feet for a while and begrudgingly sent it but never to the "new" lender.

 

[ilsindaco2628]

You say things like "my office","we","our". Are you still a trainee making these revisions on behalf of your supervisor or are you newly licensed?

Technically a trainee. I’ve been running my fathers office for 12 years typing his appraisal reports. I dragged my feet on the licensing process for a while but finally I’m on my way. I’m done with half of the classroom hours and half the field hours. Obviously everything that leaves our office gets approved by him.... but I just speak in simpler terms here.