borrowers
9) Adding Borrowers as Intended Users
11/19/06
Dear H2 -
Don't you agree that, in the type of situation described in a recent letter, where the appraiser was paid by the borrower rather than the client/lender, the Owner/Borrower/Payor should be named as an "Intended User" within the report (with the client's permission) so that a copy can indeed be provided to them?
Tony P. Tony@LadyLakeRealty.com
Dear Tony,
I can find nothing in the USPAP that directly addresses who you can give a copy of your appraisal to.
You do have to deal with the issue of confidentiality and your fiduciary relationship to your client. I don't see where naming someone as an Intended User automatically authorizes you to give a copy to them.
When you make an appraisal on the URAR, or other Fannie/Freddie forms, you are required to sign a certification on which Item #20 states: "I identified the lender/client in this appraisal report who is the individual, organization or agent for the organization that ordered and will receive this appraisal report." Item #20 goes on to say what the lender/client can do with the reports.
Item #23 provides some exceptions to these rules when you are ordered to do so by some legal authority.
Yours,
H2
Don't you agree that, in the type of situation described in a recent letter, where the appraiser was paid by the borrower rather than the client/lender, the Owner/Borrower/Payor should be named as an "Intended User" within the report (with the client's permission) so that a copy can indeed be provided to them?
Tony P. Tony@LadyLakeRealty.com
Dear Tony,
I can find nothing in the USPAP that directly addresses who you can give a copy of your appraisal to.
You do have to deal with the issue of confidentiality and your fiduciary relationship to your client. I don't see where naming someone as an Intended User automatically authorizes you to give a copy to them.
When you make an appraisal on the URAR, or other Fannie/Freddie forms, you are required to sign a certification on which Item #20 states: "I identified the lender/client in this appraisal report who is the individual, organization or agent for the organization that ordered and will receive this appraisal report." Item #20 goes on to say what the lender/client can do with the reports.
Item #23 provides some exceptions to these rules when you are ordered to do so by some legal authority.
Yours,
H2