Can you use a 442 for a different lender than the original?:confused:

I appraised a new construction for an employee of the builder. The employee, after getting a huge discount (160k) is selling the house two weeks after closing. I'd like to just use a 442 - Appraisal Update, which simply says the home has not declined. However the software will not allow me to enter diffetent lender names. It transfers the name of the original lender, in the first section of the report, to current lender, in the last section. Even after I've set both fields to "no transfer in". Any ideas?

Olencia

Can you use a 442 for a different lender than the original?:confused:

I appraised a new construction for an employee of the builder. The employee, after getting a huge discount (160k) is selling the house two weeks after closing. I'd like to just use a 442 - Appraisal Update, which simply says the home has not declined. However the software will not allow me to enter diffetent lender names. It transfers the name of the original lender, in the first section of the report, to current lender, in the last section. Even after I've set both fields to "no transfer in". Any ideas?

Olencia


I would say a whole host of things have changed since your original appraisal,
not just the lender.

If I were an underwriter I would like to see the listing history, sales history, explanation of $160k increase in "value" over two weeks etc etc.

It is definitely a totally new assignment.

Earsha

Earsha, appreciate your comments. Naturally I'll comment on the sales history. Other than that, not much has changed. I just appraised it two weeks ago, the "value" hasn't changed, the market hasn't changed. Can you use a 442 for a new lender? anyone?

Olencia

Can you use a 442 for a new lender? anyone?

Olencia


No...it is a new assingment, with a new order and a new SOW...

"Ditto" re: new assignment.

:) Wouldn't the value depend on the MARKET, not cost where you are?????

TN

hi, new to the site, thanks.

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