Transferring An FHA Appraisal Request W/ New Borrower

[Eric C]

Is this new or did I just never encounter it? I was called by a lender to "transfer" an FHA appraisal report to their company but with a new buyer name because the deal fell through for the original buyer. They asked me to change the client's name and the buyer's name as well as the contract info since its a new contract. They told me they do it all the time and every appraiser does it. Ive been requested to change clients name but never buyers name in the past so I told them I couldnt do it.

After doing some research, I found out that FHA/HUD would actually allow the lender to close the NEW buyer using the same appraisal report that was completed for a different buyer without making any changes since the report attaches to the property and not the buyer.

So I gave this new lender 2 options. Order a new appraisal with me with a new effective date, or, contact the client i completed the appraisal for originally to request a copy of it. They apparantely were able to obtain a copy of it and are using to close the new buyer but now they sent me an email asking for some revisions regarding the new contract. What's going on here? Why does HUD permit them to use an appraisal with a different buyer on it than the actual buyer? What should I reply with and where can I find citing to support with my reply to them?

 

[CANative]

They're idiots (best answer); all their other appraisers do it (best alternate answer.)

Tell them they're not your client and you cannot disclose confidential information or assignment results (best response); or "P.iss off" (best alternate response.)

 

[Lee Lansford]

You need not have further involvement as there is no way--this being an FHA appraisal--that you can assist. Wave them "bye-bye".