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So the borrower wants to switch lenders and.

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Daniel Hsu

Thread Starter
Sophomore Member
Joined
Aug 22, 2004
Professional Status
Licensed Appraiser
State
California
So I get a call from a borrower yesterday asking me to switch his appraisal from his current lender to another lender - I told him to talk to the original lender to release the appraisal, and he calls back saying they won't release it which led to a lot of arguing of how he paid for it...and today I get an e-mail from the new lender saying:

I am formally requesting transfer of the appraisal for ****** to ****** at lender address on this request from ****** in accordance with USPAP and/or OREA regulations. Mr. ****** has already contacted your for this transfer and has paid for this appraisal himself. In accordance with OREA, Mr. ****** the client who paid for the report is the agent and owner requesting relase to ******.

Any suggestions as to how I should respond to the new lender? :)
 
Joined
Jul 15, 2003
Professional Status
Certified Residential Appraiser
State
Connecticut
Dear Mr. new lender,

In accordance with USPAP and/or OREA regulations or any others, you and Mr. ****** are not nor were my client at any time, so both of you go pound sand...
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
The client of the appraiser is the lender or firm ordering the appraisal report, regardless of who occupies the subject property, who paid for the appraisal report, or who is the legal owner of the subject property.

The client in this report is identified under the heading "Lender/Client" in the "Subject" identification portion of the appraisal. This appraisal report has been prepared for the exclusive benefit of ***** Mortgage. No additional Intended Users are identified by the appraiser.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
I'd call the new lender, tell them in simple terms why they are incorrect, and tell them they can contact OREA to verify what I'm telling them.

Then (if I felt like it), I'd tell them I'd be happy to do a new assignment with new inspection at a discount (COD).

That's it- no muss, no fuss. Don't make it a bigger deal than it is.

Good luck!
 

Vegan702

Senior Member
Joined
Feb 24, 2005
Professional Status
Certified Residential Appraiser
State
Nevada
f em...............:D
 

Eli Weiss

Senior Member
Joined
Nov 28, 2005
Professional Status
Certified Residential Appraiser
State
New York
Tell the borrower to call that problem solver from the radio.........
Remember that host, he know USPAP well.....
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I think you started out wrong Dan. You don't need a release from the old lender to switch names on a report. That's so 2005. You need a new order from the new lender and the old lender doesn't need to know anything about it.

Next time, simply tell the borrower that you'd be glad to help with providing an new appraisal at a reduced fee, but new lender must order the appraisal, it cannot be completed at the request of the homeowner in a mortgage related transaction. Here's our fees, have you new person call.

If the owner says they don't want to have to pay a second time, even if it is reduced tell him he can either get a new appraisal at full fee, or that legally the new lender can use the old report with the old lender's name on it if they so choose. But if the new lender's guidelines require an appraisal in their name, it is a new assignment with a new appraiser/client relationship.
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
f em...............:D

WOW! Diplomacy at it 's best! That will get you far in the realm of "customer service".

Daniel, I hope you read the advise give by Jim Klos. You did not need a release, you only needed a new order from the new client. Any additional fee is a "business decision" on your part. This circumstance did not start out well, hopefully it will end better.
 

Bigrock

Member
Joined
Jun 6, 2007
Professional Status
Certified Residential Appraiser
State
Georgia
new client, new order, new date of apraisal,,,

The appraisal was dated when?

Did you have a relationship with the new client on the Date of the appraisal? don't think so..

Why did you even talk to the Home owner about the appraisal in the first place?
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
The best advice.

I'd call the new lender, tell them in simple terms why they are incorrect, and tell them they can contact OREA to verify what I'm telling them.

Then (if I felt like it), I'd tell them I'd be happy to do a new assignment with new inspection at a discount (COD).

That's it- no muss, no fuss. Don't make it a bigger deal than it is.

bottom line is if the borrower drags you to small claims court you will most likely lose. Small claims judges only care about who paid for what etc....(USPAP and OREA be damned) I've been there. Be nice and work something out. New order,new assignment,significant discount.
 
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