| Author |
Previous Topic | Next Topic |
|
aahanson
9 Posts |
 Posted - 03/27/2008 : 2:23:23 PM
|
| I have a client who I am doing a refiance for. We are going 80% LTV with TBW and 10% on a Home Equity Line with their credit union. Their Credit Union said that they can use the appraisal that I ordered for the first mortgage but they would need an appraisal release from the lender. So I called TBW and they said I would have to do the appraisal release. What is this? and Can I do this or is it the appraiser who has to do this? |
|
katbunk
1126 Posts |
Posted - 03/27/2008 : 2:24:56 PM
|
| If you ordered the appraisal from the appraiser why don't you just call him/her and have it retyped in the new lender's name? |
|
|
aahanson
9 Posts |
Posted - 03/27/2008 : 2:27:09 PM
|
quote:
Originally posted by katbunk
If you ordered the appraisal from the appraiser why don't you just call him/her and have it retyped in the new lender's name?
The credit union stated that they would have to have the release so they can send it to their appraiser for an appraisal review. |
|
|
williamspeaking
3654 Posts |
Posted - 03/27/2008 : 2:28:59 PM
|
| If you are brokering to the credit union it is your appraisal. If you are just giving the CU the deal, then you need to call your appraiser and authorize them to release the appraisal to the CU since it seems like it will be a completely separate transaction? |
|
|
philinpdx
634 Posts |
Posted - 03/27/2008 : 2:34:23 PM
|
If you ordered the original appraisal did you do it in the name of another lender? Or did you not specify the lender when you ordered it?
FYI: An "appraisal release' form is usually used when you have a client who already got an appraisal recently ordered by another LO previously that you 'stole' the loan from. In that case, the other LO usually needs to give permission to the appraisal in the form of an "appraisal release'. Otherwise, as you know the appraisal is 'owned' by the LO / LO's company that ordered the appraisal and cannot be used by another LO/mortgage company unless they get an appraisal release.
So, if you in fact were the one ordered that appraisal just have the appraisal re-issue the appraisal with the Credit Union's name on it.
|
|
|
Sarge
97 Posts |
Posted - 03/27/2008 : 2:39:49 PM
|
Why don't YOU just give a copy to the credit union? The appraiser can not give a COPY of the appraisal to anyone without the client's permission (the permission should be in writing). Note that I said copy, which is not an altered report with a new client name - this would be a brand new appraisal. If the CU requires their name be on the appraisal, they need to order an appraisal from an appraiser...any appraiser. Maybe this appraiser will cut them some slack on the fee since he does not need to remeasure the house etc.
Sorry, but it is illegal for an appraiser to just change a name on an existing appraisal. |
|
|
hammett
39 Posts |
Posted - 03/27/2008 : 6:36:02 PM
|
quote:
Originally posted by katbunk
If you ordered the appraisal from the appraiser why don't you just call him/her and have it retyped in the new lender's name?
It is against FDIC rules for the lender to accept any apprasal that has been changed or re-addressed. This is also a violation of USPAP which the appraiser must work under. Why is it so hard for the lenders to just accept the appraisal with the other lenders name on it as long as the orginal lender has released the report? |
|
|
Nico
2882 Posts |
Posted - 03/27/2008 : 11:34:01 PM
|
quote:
Originally posted by hammett
It is against FDIC rules for the lender to accept any apprasal that has been changed or re-addressed. This is also a violation of USPAP which the appraiser must work under.
you are correct. |
|
|
Hopland
1261 Posts |
Posted - 03/28/2008 : 07:43:40 AM
|
| It astounds me that so many still don't understand this concept. The Feds should send out large placards with oversize lettering to each loan office so they can hang it on the walls. |
|
|
808
1205 Posts |
Posted - 03/28/2008 : 07:51:29 AM
|
quote:
Originally posted by hammett
quote:
Originally posted by katbunk
If you ordered the appraisal from the appraiser why don't you just call him/her and have it retyped in the new lender's name?
It is against FDIC rules for the lender to accept any apprasal that has been changed or re-addressed. This is also a violation of USPAP which the appraiser must work under. Why is it so hard for the lenders to just accept the appraisal with the other lenders name on it as long as the orginal lender has released the report?
I think it has to do w their E&0 insurance. What's suprising is their credit union wanting an appraisal for a 10% 2nd position TD on a refi unless it's > $250k and needs title insurance. Run an AVM or zillow it and stop being so anal or get out of the 2nd mortgage business. |
|
|
Hopland
1261 Posts |
Posted - 03/28/2008 : 07:58:54 AM
|
I think it has to do w their E&0 insurance.
I'm sure that is a big part of it. They want to establish a direct client/appraiser relationship.
But there are also other factors. The borrower cannot hire or select the appraiser and the lender has to take steps to make sure that this has not happened. If they accept an appraisal prepared for another institution they have make sure the appraiser was not selected by the borrower... How are they going to do that? It's better to have their name on it because then it looks like they hired/selected the appraiser (even though they didn't when the appraiser has just changed the name on the report).
|
|
|
gdavenpo
334 Posts |
Posted - 03/28/2008 : 08:00:03 AM
|
quote:
Originally posted by katbunk
If you ordered the appraisal from the appraiser why don't you just call him/her and have it retyped in the new lender's name?
Please take the time to find out what is wrong with what you are telling him to do. It has been beaten to death already. Lookit up. |
|
|
hammett
39 Posts |
Posted - 03/28/2008 : 08:56:30 AM
|
quote:
Originally posted by Hopland
I think it has to do w their E&0 insurance.
I'm sure that is a big part of it. They want to establish a direct client/appraiser relationship.
But there are also other factors. The borrower cannot hire or select the appraiser and the lender has to take steps to make sure that this has not happened. If they accept an appraisal prepared for another institution they have make sure the appraiser was not selected by the borrower... How are they going to do that? It's better to have their name on it because then it looks like they hired/selected the appraiser (even though they didn't when the appraiser has just changed the name on the report).
If the appraiser has been ethical and done the job right, who ever ordered the appraisal should be the client. If the home owner ordered the report, the home owners name should be shone as the client and a statement that this report can not be used for any federally related loan should in the report. So the second lender should not have to worry who ordered the report by who is shown as the client.
|
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
