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Various Client-related Comments

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ZZGAMAZZ

Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
Direct assignment from a mortgage broker (not a banker) for a residential re-fi, which I reported on a UAD-complaint 1004 form, including a "No AMC" comment in the "Lender/Client" signature section per FNMAE Field-specific Standardization specs. Lender subsequently advises broker of the need for a BPO + a $150 fee payable from broker to lender.

I presume that the lender is requiring the BPO to support the opinion of value established in the appraisal report, although I don't know which entity would be responsible to obtain the BPO.

I hope better to understand the client side of the business relationship, and would appreciate advice & recommendations, including comments concerning whether my take on the scenario is accurate; whether an Engagement would be between appraiser and broker or lender, or whether a broker knows in advance which lender it prefers--all of which pertain to the underlying need to identify the client--property owner, broker, or lender?

Subtitle for the AF should paraphrase Biggie: "If you don't know, now you know."
 

ZZGAMAZZ

Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
Who determines the client--if a mortgage broker offers the assignment but subsequently aligns with a mortgage banker or a different type of lender? How can an Engagement letter be created prior to an assignment if a lender creates assignment conditions although the lender hasn't been determined by the time the appraiser is engaged? In the same line of questioning, what/who determines whether the owner of a property which is the subject of an assignment, or the law firm that either contacts an appraiser or advises its client to contact the appraiser, for a legal bankruptcy matter? Legally or procedurally speaking, which is the default client entity, presumably that an answer has been defined by industry regulators as an alternative to the appraiser-client relationship being based on client whim?
 
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