Signature Date - FAQ 147

[Tangerine]

Good afternoon. I have an appraisal that I needed to revise due to an error I caught after I submitted the report. I revised my report and tried to re-upload. However, through this management company's platform, there was no way for me to make a correction to the report. It took a few e-mails and phone calls over several days for me to get them to put the report back into "Revision" mode so I could upload a corrected report.

It is now several days later and I am getting a revision request. The management company's QC is saying that I need to change my signature date to match the actual day the report finally got transmitted, not just the day I revised it and tried to transmit it. They are quoting FAQ 147. I read that and it makes sense, however, is this really a thing? I don't understand why it matters and I've never had a lender ask for this before. I'm not going to argue with the client, I'm just wondering if this is really the spirit of FAQ 147? It seems like a stupid thing to have to revise the report for. So I make a comment that says I'm removing my signature so I can re-sign the report? Guess I'm just frustrated with the never ending management company revision requests. Thanks!

 

[sputnam]

Good afternoon. I have an appraisal that I needed to revise due to an error I caught after I submitted the report. I revised my report and tried to re-upload. However, through this management company's platform, there was no way for me to make a correction to the report. It took a few e-mails and phone calls over several days for me to get them to put the report back into "Revision" mode so I could upload a corrected report.

It is now several days later and I am getting a revision request. The management company's QC is saying that I need to change my signature date to match the actual day the report finally got transmitted, not just the day I revised it and tried to transmit it. They are quoting FAQ 147. I read that and it makes sense, however, is this really a thing? I don't understand why it matters and I've never had a lender ask for this before. I'm not going to argue with the client, I'm just wondering if this is really the spirit of FAQ 147? It seems like a stupid thing to have to revise the report for. So I make a comment that says I'm removing my signature so I can re-sign the report? Guess I'm just frustrated with the never ending management company revision requests. Thanks!

I disagree with them... but, what are you going to do. They have control on this. Yes, the signature date is ideally supposed to be the date you transmit the appraisal report. I don't think the FAQ anticipated a situation where the Client delayed your transmission.

 

[Tom D]

Well, what to do. At worst listen to them, then put a statement somewhere that you corrected a typo error on the same date ****. Most web sites you cannot just upload a revised appraisal. You have to tell them first that you found a typo, and can they re open the page. I would keep a copy of their email in your work file.

If you re-corrected the appraisal the same day as you signed it, then yes it is the same date, nothing changed The issue of them not opening for it, is confusing the matter. But i think you are safe with their note in your work file. If you corrected it a day later , then a new date. I would also put some change on the file number to show that there are 2 versions. If your correction date hasn't changed, i go with no new date just for delivery, you did try. Typically, revision comes the next day, or days later.

However
This line adds confusion: The date of signature (i.e., the certification date) must reflect when the report was completed and transmitted, not when it was initiated or revised. According to USPAP, a report is considered “transmitted” when it is delivered to the client, at which point it becomes a formal report.
So now does that mean the transmittal date should be the signature day, because of the portal delay.

DATE OF REVISED REPORT (NEW)Question: In response to a client request, I recently made some minor edits to a report. The assignment results were unchanged, but I corrected a few minor typographical errors and entered the census tract number which had been omitted from the original report. Because the results did not change, this was essentially the same report, so I did not change either the effective date or the date of the report. My client now wants me to resubmit the report with the current report and certification date. Should the new report be dated as of the date revised?

Response: Yes. The date of the revised report should be the date that it is completed and transmitted to the client. According to USPAP, a report is a communication “transmitted to the client upon completion of an assignment.” Since, in this case, a new report is being completed and transmitted, it should be dated accordingly. This is true even when the only changes are minor corrections and the assignment results are unchanged. In addition, if the certification is dated, that date should also be based on the date the report is resubmitted. In the resubmission, the appraiser is certifying the content of the revised report, so any certification date cannot precede the completion of the revisions.

From AI
USPAP requires that the date of the report—which is the date the appraiser signs the certification and transmits the report—be clearly stated in the appraisal report.

• The date of signature (i.e., the certification date) must reflect when the report was completed and transmitted, not when it was initiated or revised.
• According to USPAP, a report is considered “transmitted” when it is delivered to the client, at which point it becomes a formal report.
• Any revision to a report, even minor corrections (e.g., typographical errors or missing data), constitutes a new transmission and requires a new report date and new signature date.
• The effective date of the appraisal (the date the value opinion is valid) remains unchanged unless the assignment’s scope or intended use changes.
• The date of the report should not be backdated or altered to match the effective date; it must reflect the actual date the report was finalized and delivered.

 

[Terrel L. Shields]

The signature rules are typical nonsense that serves zero purpose except to play Gotcha bish...

 

[Fernando]

Why make big fuss? Change the signature date.
Whenever I do a change from original report, I have the new date. It helps in letting everyone know that most recent signature date is most accurate report.

 

[BRCJR]

well if you do send them the report again you could change it to that date and still be compliant. Put in the report you changed the report date as the client asked, thus a new signature date is required because you edited the report.

 

[Tangerine]

Why make big fuss? Change the signature date.
Whenever I do a change from original report, I have the new date. It helps in letting everyone know that most recent signature date is most accurate report.

There is no big fuss. I did change the signature date in the initial revision, which I always do. They are just asking me to change it again (even though there is no change to the report!), because of their system, they didn't receive the report on the day I signed it. No fuss, just wondering why this is a thing and if it is a correct interpretation of the FAQ.

 

[Terrel L. Shields]

Put in the report you changed the report date as the client asked, thus a new signature date is required because you edited the report.

OK, but I misspelled the street name. Same rigamarole. Right? Why does it matter?

 

[Fernando]

There is no big fuss. I did change the signature date in the initial revision, which I always do. They are just asking me to change it again (even though there is no change to the report!), because of their system, they didn't receive the report on the day I signed it. No fuss, just wondering why this is a thing and if it is a correct interpretation of the FAQ.

Very odd indeed. Maybe that's the lender's policy - signature date on date report was received.

 

[Dublin ohio]

Very odd indeed. Maybe that's the lender's policy - signature date on date report was received.

No they want the signature date to be the date it was transmitted. The OP was not able to transmit the report until the lender took car of some "technical" problems.