If you switch lenders, can you just change the name on the appraisal?

By October 14, 2014Appraisals

One of the things we hear a lot from borrowers and sometimes lenders is – The borrower switched lenders, and we need the appraiser to change the lender name. Can the appraiser just switch it without having to do a new assignment?

appraisal management lender

The answer is no – this is a USPAP. USPAP requires a new assignment if the lender/client changes. If the appraiser simply switches the lender name, they are in violation of USPAP and putting their appraisal license at risk. In order to comply with USPAP, there must be a new assignment ordered by the new lender/client.

Borrowers sometimes ask: I’m the one that paid for this appraisal – can’t you just give me a copy of it?” But again, this is a USPAP issue. USPAP mandates that the appraiser must not disclose confi dential information or assignment results to anyone other than the client or those specifi cally authorized by the client. Without consent from the lender, neither the appraiser nor the AMC can provide the report to the borrower or discuss it with them.

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