Switching from FHA to conventional

[sputnam]

The effective date cannot be in the past UNLESS you are completing a retrospective appraisal.

It will be a retrospective appraisal because the new assignment is ordered AFTER the original inspection date.

Give ME the lender's phone number, $50 and I will fix this for you.

That's incorrect. There are three dates associated with an appraisal. Inspection date, effective date, and report date. When the inspection date and the effective date are the same... it's not a retrospective appraisal. The report date could be anytime after the effective date... even a year or two.... although, I can't think of any reason why anyone would do that.

 

[Zoe]

That's incorrect. There are three dates associated with an appraisal. Inspection date, effective date, and report date. When the inspection date and the effective date are the same... it's not a retrospective appraisal. The report date could be anytime after the effective date... even a year or two.... although, I can't think of any reason why anyone would do that.

There is also an engagement date. Think about taking a 1004 engagement order (assignment) after you have completed the inspection for another client and/or intended user?

You have also completed the previous assignment for a different intended user. That assignment (appraisal) is out there somewhere. It has left your building like Elvis Presley has left the building.

 

[Tom D]

I probably would get permission from original client to do the 1004D but I would not change anything on the original 1004. I would want to know if original lender was paying me for the 1004D or if the new lender was paying me so I would know who to bill for the 1004D.

It's a new assignment, why involve an old lender. For FHA senior loans, FHA gives them 12 months to do any required repairs after closing. By then it's the servicing company asking for a 1004d.

 

[Zoe]

It's a new assignment, why involve an old lender. For FHA senior loans, FHA gives them 12 months to do any required repairs after closing. By then it's the servicing company asking for a 1004d.

I am nosey. I want to know why the borrower shifted lenders and why the original lender was willing to transfer it plus I need to know whether to bill (invoice) the original lender for the 1004d or the new lender for the 1004d.

I don't know what original lender agreed upon with borrower or the new lender.

 

[ZZGAMAZZ]

The 1004D is an independent assignment with its own certification. It’s a product of compliance involving a past appraisal of reference, but it is not a conduit of review or change to the original appraisal.

Can’t call the original client, because it has a new client privilege.

If the 1004D is an "independent assignment"--presuming with different filename and diffeent signature date but same Effective Date--and if the appraiser who is completing the 1004D also completed he 1004, would the 1004D require notification of prior involvement???

 

[ZZGAMAZZ]

That's incorrect. There are three dates associated with an appraisal. Inspection date, effective date, and report date. When the inspection date and the effective date are the same... it's not a retrospective appraisal. The report date could be anytime after the effective date... even a year or two.... although, I can't think of any reason why anyone would do that.

Speaking of which....does a typical reason exist for a 1004D Recertification of Value to be required? Is it because the loan was postponed for some reason for so long that current status supports Opinion of Value as of the Effective Date? ALSO to what extent does the appraiser who completes the 1004D Recert provide supporting documentation--rather than lipservice reerence to the workfile, regardless of whether or whether-not the value has or hasn't declined--like a devil's advocate might ask why a grid is required as documentation of the OV of a 1004 but not the 1004D? ALSO would the SOW of the Recert be based upon SOW of a review assignment--if a different appraiser conducts the 1004D? ALSO...the logical next question would ask whether an appraiser can/should conduct a review assignment of his or her own prior involvement--as based upon referene to specific USPAP standards????

 

[ZZGAMAZZ]

I am nosey. I want to know why the borrower shifted lenders and why the original lender was willing to transfer it plus I need to know whether to bill (invoice) the original lender for the 1004d or the new lender for the 1004d.

I don't know what original lender agreed upon with borrower or the new lender.

IMO "nosey" is like a lower-case acronym for due diligence...

 

[Tom D]

If the 1004D is an "independent assignment"--presuming with different filename and diffeent signature date but same Effective Date--and if the appraiser who is completing the 1004D also completed he 1004, would the 1004D require notification of prior involvement???

You should state that you did the appraisal for mentioned, or didn't to protect yourself from that appraisers mistakes.

Speaking of which....does a typical reason exist for a 1004D Recertification of Value to be required?

You haven't been around, in the pas,t when the market has really crashed. It's a cheap way of saying everything is still the same, relax. At a cheaper fee, but i like doing them.

 

[shrubberyvaluation]

Thread '2024 USPAP - "Personal Inspection" definition revised'

Dec 27, 2023

Working RE: "Finally, the inspection must be performed as part of the scope of work for the assignment. For example, if an appraiser had made a personal inspection of a property six months ago and is subsequently engaged to perform a new appraisal on the property, the appraiser cannot certify that they made a personal inspection of the property unless they inspected it again as part of the scope of work for the new assignment."

Curiosity has me wondering about several particular past cases and how they would be handled with the new definition, if indeed it changed the way the...

• Ricky LaFleur
• Replies: 66
• Forum: Fannie Mae, Freddie Mac, USPAP

I can understand for 6 months, but it seems silly if you just inspected it a week ago in most cases.

 

[Zoe]

I am fine doing a 1004D where a different appraiser did the 1004 as long as lender sends me a copy of the appraisal. Really all I need is the subject to items from the original appraisal. I don't really need the whole appraisal. There are certain fields on page 1 that requires information from the original appraisal. Just send me the original 1004.