1004d (442)FYI

By
Real Estate Appraiser with Real Estate Valuation Group

Fyi,  I completed an appraisal based on plans and specs nearly 12 months ago for a client(Broker).  The appraisal was completed subject to completion per plans and specs.  Yesterday I got an order for a Completion Certificate 1004d from another company (the bank that the deal was brokered to and is funding the loan).  When I got this order the first thing that came to mind is this is not my original client.  I informed the bank that they are not my original client and that that would breech the confidentiality of my original client and our appraiser/client relationship.  The loan consultant at the bank said they fund thousands of loans a month all across the country and that they always order the completion certificate directly from the appraiser and have never had a problem in doing this. I apologized and then read part of the form to her.  On a portion of the 1004d (completion) it is necessary to check a yes/no box that reads, have the improvements been completed in accordance with the requirements and conditions stated in the original appraisal report.  So one would have to refer to the original appraisal report which is part of the original assignment which is part of the original lender client relationship.  I called the bank back and told them that I would either have to have a copy sent to me by them of my own original appraisal report that they have, or get an assignment letter from the original client that releases me from the original relationship.  So, we got the release letter from the original client and completed the 1004d for the bank.  After the transaction was complete with the bank the associate at the bank thanked me for informing her of this and doing it the proper way.  She is going to bring this issue up at the next group meeting.  This brings me to my point, I think as appraisers we need to do more than just fill out forms and complete appraisal reports.  We have a responsibility to the entire financial community to not only make appropriate appraisal reports, but to teach other for the better of the community as a whole.  That's all I have for today, but just keep in mind that our relationship with clients extends well beyond completion of the original appraisal report. 

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