Transfer Appraisal To New Lender?

[Chuck Parent]

I completed an assignment for an AMC client. I received a call about two months after the assignment from another lender, asking me to provide " a clearer color copy" of my assignment. I contacted the AMC to confirm that the original lender received and accepted my assignment, which they acknowledged. The second lender has now sent me a unsigned release letter from the original lender, transferring ownership and custody of the original appraisal to the second lender.

Am I required to send my report to the new lender, or is the burden on the original lender to forward the second lender a copy? I'm reluctant to simply send my report to someone who was not an intended user, even with the form letter. I've never been asked this before or ever had a release document provided to me.

Any suggestions or ideas?

 

[Howard Klahr]

Am I required to send my report to the new lender, or is the burden on the original lender to forward the second lender a copy?

You are correct. Lender B may obtain and rely upon a report provided by Lender A. However, Lender B is NOT your client and you are under no obligation to send them anything. In fact many times Lender B will attempt to request changes and modifications which is also NOT allowed.

You may accept a request from Lender B to perform a new assignment of the property which would then make them the client. You can even elect to perform that assignment at a different fee than the one you received for the prior report for Lender A, higher or lower, your decision, but a disclosure of prior report/services with 3 years would be required.

 

[BRCJR]

The problem is the fact Lender B must not know the guidelines, assumption they are a regulated lender, they are to follow.
They do not have to do anything except determine if the appraisal meets their guidelines. They can use it as is if it does, if not they need to obtain a new appraisal.

 

[Terrel L. Shields]

Don't do anything, they are not your client. BRCJR works for a bank. Trust what he says

 

[Lee Lansford]

All good advice above...what might I add?

 

[TRESinc]

All good advice above...what might I add?

a bill for them wasting chuck's time. $250 should cover it.

 

[Tom4value]

Permission from the original lender, your client, is irrelevant. USPAP is quite clear. You cannot add or subtract an intended user from an appraisal. If you do, it is a new assignment. Tell them that you would be happy to perform another appraisal for a ful fee.