I just had an Appraisal done 1 month ago, but decided to use a different lender. Can the Appraiser change the name of the client on the original report to the new lender?
No. It is a violation of USPAP for the appraiser to change the name of the client on a report completed for another client. Every request is considered a new order. Ethically, the appraiser must complete all the steps necessary to produce a credible report for the new request. At the very least, the appraiser needs to re-inspect the property, research the market to determine if market conditions have changed, and revise the report to include the new lenders information. For a reduced fee, Appraisals on the Shore, Inc. will re-inspect the property, do the research, and complete a new appraisal report, which includes the updated information and the new clients name.
Related Questions
- May a lender’s in-house appraiser adjust the value on an appraisal during an appraisal review as part of a pre-funding or post-funding quality control process?
- Can an appraiser simply readdress an appraisal undertaken for one client for another Client?
- Does AIR allow an appraiser to update an appraisal for another lender?
