Revisions From Multiple Lenders

[ilsindaco2628]

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.

I reached out to the original lender to confirm with them that the report is transferred.
I think the biggest thing that bothers me about this is that the new lender wants the revised report sent back to them via e-mail.
I would feel much more comfortable if it was requested and submitted through a portal.

 

[Terrel L. Shields]

I reached out to the original lender to confirm with them that the report is transferred.

Read USPAP....DO NOT DO THIS....I don't give a rat how many "transfers" they send you. You are violating confidentiality. The new client can take the report or leave it.
AO 26.... You are free to do a new appraisal. BUT you need to report the PRIOR SERVICE (the first report.) Otherwise, a new client? You OWE NOTHING to a new client regardless for an existing report.

Transferring Appraisals: Helping Lenders and Brokers Understand How Standards and Rules Intersect

Although appraisers and lenders work closely together, the Appraisal Institute believes that there is still some confusion in the marketplace over when, if and how appraisals can be transferred.

nationalmortgageprofessional.com

 

[KONA]

Read post 12 over and over again, 20 times so it sinks in !!

 

[Mike Kennedy]

I reached out to the original lender to confirm with them that the report is transferred.
I think the biggest thing that bothers me about this is that the new lender wants the revised report sent back to them via e-mail.
I would feel much more comfortable if it was requested and submitted through a portal.

Let your Dad handle this after you print out and give post 12 to him.

 

[Sadie]

I reached out to the original lender to confirm with them that the report is transferred.
I think the biggest thing that bothers me about this is that the new lender wants the revised report sent back to them via e-mail.
I would feel much more comfortable if it was requested and submitted through a portal.

Just because a report can be transferred, does not mean your confidentiality to your original client transfers too. It never transfers. Read post 12 and read FAQ 67.

 

[sputnam]

Your original client is the client for that assignment forever. Sure, they can transfer the report to anyone... the 'clientness' can't be transferred. If a new Lender wants changes they will need to either send you a new assignment or persuade the original client to request the changes. You can charge a new fee or not. That is a business decision and it's entirely yours.