BUT - that copy can just be a black and white copy or a digital copy that still has the lender's name on it (important for the below point). AIR prohibits brokers from ordering appraisal services, but brokers may initiate the appraisal process on a lenders behalf in accordance with arrangements made by the lender. Location There is no restriction on the location of a lender's SAR Processing Fee Lenders requesting SAR approval must pay a one-time processing fee of $100 for each staff appraisal reviewer (SAR). Client is defined in USPAP as the party (or parties) who engage an appraiser in a specific assignment. (For best result, pose your search like a question. The time period of rescission in a refinancing situation does not constitute a valid three-day waiver period. o Correspondent to be sent to [email protected] And other times the requesting party has no knowledge of, and therefore doesnt mention, the previously prepared report. That is because the appraiser would not be able to disclose prior services (as required) without violating confidentiality. version of a page. hbbd```b``:"D2e`,.`6fO0DLH@kL@A"@&300 XN AIR does not prohibit the appraiser from talking with the real estate agent. Assignments results may be presented in a written report or in an oral report. . %%EOF Federal . Many times, the new lender may pay for a new appraisal without charging the borrower. (8) does not preclude the management of appraiser lists for bona fide administrative reasons based on written, management-approved policies. But much has changed. Lender A (an approved Fannie Mae Seller/Servicer) originates and new client name should include the name of the client (lender). Appraisers are often confronted with one of a variety of questions relating to the same general problem. another lender. Independence Requirements Frequently Asked Questions, November 2010 (Reposted April AIR requires that a borrower be provided a copy of the appraisal no less than three business days prior to the closing of the loan. No. Below are some FAQs from Fannie and Freddie on the topic. More importantly, USAA covers the appraisal, title and VA funding fee on VA IRRRL loans . Whether the valuation of the subject property comes in high or low, the value does not affect the appraiser nor is the appraiser rewarded for giving his valuation. (Note that the appraiser does not owe a duty of confidentiality to other intended users.) 0000004291 00000 n This can assure your lender that you are not overborrowing. To whom can I give a copy of the report prepared for a client? 0000054601 00000 n In this article, we will cover and discuss conventional appraisal guidelines and home appraisals during the mortgage process. If the home appraisal does not come in at value, the home buyer can do two things: The only cost outside closing that home buyers need to come up with prior to closing are home inspection and appraisal costs. (8) addresses the removal of an appraiser from a list of qualified appraisers in connection with influencing or attempting to influence the outcome of an appraisal. If the value of the property is not increased, homebuyers need to put more money down. The word completion is meant to reflect when the lender has reviewed and accepted the appraisal to include any changes or corrections required. Changing the name of the client (readdressing) is misleading because it falsifies the true relationship between the appraiser and the party who engaged the appraiser in that particular assignment. Why? The Appraiser Independence Requirements (AIR) were developed by Fannie Mae, the Federal Housing Finance Agency (FHFA), Freddie Mac, and key industry participants to replace the Home Valuation Code of Conduct (HVCC). The seller also must ensure that any third parties are in compliance with AIR. Descriptions of the location (neighborhood description, region description, etc.) This means that Lender B can use a report that was prepared for Lender A, even though Lender A shows as client on the report. To justify such comparable sales, the appraiser will justify his subject property value by positive or negative adjustments with the location of the comparable sales compared to the subject property. What does this mean? Appraisers certify their reports (i.e., they may include a certification per SR 2-3 in an appraisal report), but this certification has nothing to do with the ownership of, or rights to use, the report. 0000052934 00000 n Fannie Mae requires the appraiser to provide complete and accurate reports; to report neighborhood and property conditions in factual and specific terms; to be impartial and specific in describing favorable or unfavorable factors; and to avoid the use of subjective, racial, or stereotypical terms, phrases, or comments in the appraisal report. Fannie Mae customers! 2017 for formatting). 4Qe`j>0 A home appraisal is another property assessment essential to the process of buying a home. Independence Requirements. 0000011908 00000 n Mortgage FAQs by Experts in Residential Mortgage Banking. Helping people with . 0000005500 00000 n At an absolute minimum, the degree of separation should be no less than one level up in the reporting structure. Learn More About Conventional Appraisal Guidelines: CLICK HERE. and warranties that the loan complies with the requirements of the Fannie Mae However, home appraisals are mandatory. The Appraiser Independence Requirements (AIR) were developed by Freddie Mac, the Federal Housing Finance Agency (FHFA), Fannie Mae, and key industry participants and went into effect October 15, 2010. If you still have Technical Support questions, Yes. Q38. 0000013626 00000 n under no obligation to do), and certify compliance with the Appraiser I would not continue to give advice on matters you know nothing about. 0000010972 00000 n 0000036006 00000 n Long story short, I went through a refinance application with one lender, had the appraisal done 2 weeks ago, and Im getting ready to close. The AM should email Vendor Management providing specific information for the transfer, including the new lender name, borrower name(s), subject property address and the new lender's email to send the appraisal report. A lender may accept an appraisal transfer from a different lender. The Confidentiality Section of the Ethics Rule of USPAP and the Appraisal Institute Code of Professional Ethics provide that an appraiser must not disclose confidential information or assignment results to anyone other than the client and persons specifically authorized by the client; state enforcement agencies and such third parties as may be authorized by due process of law; and duly authorized professional peer review committees. It does not apply to appraisals performed for loss mitigation purposes. The lender must review its systems to ensure that the selection-of-appraiser process is in compliance with AIR. Can I reassign a report to another party? Note the difference between saying to Client B, I appraised this same property for Client A for $500,000 and My value conclusion [in the context of this assignment for you, Client B] is $500,000. The first statement breaches confidentiality by divulging assignment results, the second statement does not. !RDC*)KTe_KdF;. You also might have to pay a fee to extend your rate lock if your loan closes late . Mail VA Form 26-1880 to the address listed on the top of the application. Selling Guide and related documents. This is because this is used to determine the value of the property the mortgage lender is using as collateral against the mortgage loan they are giving you. AIR does not speak to foreclosure data. The new lender will order a new conventional appraisal. First, simply changing the name of the client and then forwarding the "readdressed" report to the second client does not change the first appraiser-client relationship. No. in order to transfer a conventional loan to another lender you must have the following credit authorization; written request from the borrower to transfer **4 A borrower is closing on a home on july 17th and needs to lock in their rate 60 days prior to the close date. Perhaps when all is said and done you will be providing virtually the same data and analysis, and even the same value conclusion (though you wont discover this until you have completed your analysis.) The updated requirements maintain the spirit and intent of the HVCC and continue to provide important protections for mortgage investors, home buyers, and the housing market. Ordering a Home Appraisal During Mortgage Process is done after the home inspection. An appraiser is permitted to perform an update of an appraisal for Lender Quality Control System FHA appraisals, however, can be easily transferred. Paying for the appraisal is the only cost outside closing that a mortgage loan borrower needs to come up with besides the home inspection fees, which are optional. It cannot. Can lenders accept an appraisal from an AMC specifically authorized conforms to Lender B's requirements for appraisals and is otherwise acceptable. Nothing in AIR requires a lender to obtain a property valuation, or to use any particular method for property valuation. with AIR? The lender is responsible for meeting Fannie Maes quality control requirements, as specified in the Selling Guide, Part D, Ensuring Quality Control. The appraisal rebuttal form is then submitted back to the Appraisal Management Company. Microsoft Word - Appraisal Transfer Policy Author: jolivette.villela Created Date: 7/15/2022 12:01:42 PM . Conventional lenders will require a conventional loan appraisal. AIR does not apply to loans that are insured or guaranteed by a federal agency, such as FHA and VA loans. A correspondent lender may use in-house appraisers if they meet the criteria in Section V. No. First, simply changing the name of the client and then forwarding the readdressed report to the second client does not change the first appraiser-client relationship. 0000005173 00000 n Yes. It is up to the appraiser to determine if the data is applicable and appropriate or not. are not confidential. A lender may accept an appraisal from a correspondent lender that To whom can I give the assignment results? AIR is specific to a mortgage financing transaction, and cancellation of mortgage insurance is not a mortgage financing transaction. The Fannie Mae Servicing Guide states that To determine the current appraised value of the property, the servicer must select an appraiser, order a new appraisal (which must be based on an inspection of both the interior and exterior of the property and be prepared in accordance with our appraisal standards for new mortgage originations), and receive the results of the appraisal.. 0000003428 00000 n In many cases, performing a new assignment for a second client would not require the appraiser to divulge any confidential information. But if lower rates mean you would save $300 on your monthly . Z,}Q-`e3nDRtCVD3vKv~QX 2Y!he364j&1*BD(k&UMaqq 0I`EG ,w@& "I D{E48x$RN0N` rH64T0Z1U0`C 8P( ssMUl4a`bEa*v&g\Ha1^`qv,pc`>Y$wi~~r 31. feel free to email. (Source: USPAP). The following FAQs provide additional clarification on implementation of these requirements. 166 0 obj <>stream Visit Selling and Servicing Guide Communications and Forms. 0000063679 00000 n In order for the underwriter to issue a clear to close, the appraisal needs to be signed off and in cases of field reviews, the field review needs to justify the first appraisal. Conventional Appraisal Guidelines Learning Center. Section II only prohibits a lender from ordering a second appraisal when they are attempting to influence the outcome of the first appraisal and are now value-shopping. As a risk control measure for certain loan products, it may be common for a lender to order more than one appraisal, and this section does not prohibit that practice. These include W-2 forms, asset statement, checking account statement, list of debts, and pulling a credit report. xref 0000002625 00000 n The sellers real estate agent needs to complete a real estate rebuttal form. 0000012097 00000 n No. by a different lender to act on its behalf? appraisal. An appraiser-client relationship, once established, is cast in stone and cannot be changed. In this article, we will discuss and cover conventional appraisal guidelines when buying a home with a conventional mortgage loan. In the majority of the cases, there are no problems with appraisals. If you have additional questions, Fannie Mae customers can visit Ask Poli to get Yes. 0000005855 00000 n Formerly, some banks occasionally accepted a recent well-documented appraisal by having one of their preferred appraisers "re . AIR allows an appraiser to perform an update of an appraisal for another lender. You are a home buyer and entered into a real estate purchase contract and are pre-approved for a home loan. The appraisal was completed as-is, however the appraiser noted repairs are needed. If the appraisal rebuttal is not successful, the home buyer can still purchase the property at the original purchase price but the mortgage loan will be based on the appraised value and not at the real estate purchase price. Further, keep in mind that in providing a report to another client, you are extending your liability to that client. obligation to transfer the appraisal to Lender B? This is done by you sending a signed letter to the VA Regional Loan Center that covers your state (or to your lender, who sends it to VA) requesting the re-assignment. It is illegal for the loan originator to have any contact with the subject property appraiser. You have good credit, good stable income, and reserves to close your home loan in time. lender A be used by lender B (assuming the mortgage broker has no control over AIR allows for the borrower to waive the three-day requirement. You can transfer an FHA appraisal to another lender if you decide to change lenders during the mortgage process. Q7. No. Also, Section VIII provides for lenders to have written policies and procedures implementing AIR, including rules on appraiser independence, and to have mechanisms in place to report and discipline anyone who violates these policies and procedures. Keep in mind that since 2010, USPAP has required disclosure of any prior service involving the same property within three years prior to the date of engagement. A lender can transfer it to another lender, but they are not obligated to. How can I save money on home appraisal costs? Fees generally range between 2% and 5% of the amount transferred or a fixed amount like $10, whichever is greater. The home appraisal is then scrutinized and reviewed by the appraisal review underwriter. However, there are cases where appraisals come in lower than the purchase price of the home. Yes. The appraiser still gets paid regardless. Section I.B. It is improper for clients to request that reports be tampered with in this manner. This process is compliant with AIR because the broker is not responsible for selecting, retaining, or providing for payment of compensation to the appraiser. Sundays and legal holidays are not included for counting the three-day period. Home appraisal reports are extremely detailed and consist of the following: The appraiser will not his opinions and other comments on the home appraisal report. The lender must provide the copy promptly upon completion of the appraisal, but no less than three business days prior to closing. It does not extend to Fannie Maes investments in mortgage-related securities. Again, the question as to whether or not you can do so depends on the issue of confidentiality. conforms to the lender's requirements and is otherwise acceptable. Conventional mortgage loan borrowers (borrowers who get non-government-backed loans) must purchase PMI if they make a down payment of less than . demonstrate that the lender transferring the appraisal is complying with FHA and VA Appraisals can be transferred. For example, in an appraisal report factual data such as sales comparables are not confidential (unless they were made available by the client and are not available from another source). If the first lender has ordered an FHA appraisal, the appraisal can be re-used: FHA Home Appraisal transfers when the new lender requests FHA Case Number transfer Borrowers who had a conventional appraisal done, the chances are that a new conventional appraisal need to be ordered They need to state the reason why they feel that the low appraisal is not justified. If this is the case, the home buyer can order an appraisal rebuttal through their lender. appraisal is obtained in a manner consistent with AIR, and the lender receiving They need to list five comparables to the subject property. Loan Officer Compensation Plans Some Basic Concepts. AIR? Appraisal report forms for all conventional mortgages delivered to the GSEs must be submitted to UCDP prior to the delivery date of the mortgage if an appraisal report is required. A lender may accept an appraisal transfer from a different lender. No, based on Freddie Mac's guidelines the lender can not refuse to transfer the appraisal. No. And the key reason for identifying intended users has to do with Standards Rule 2-1(b), which says that the report must contain sufficient information to enable the intended users of the appraisal to understand the report properly. Events, How to do a hard refresh in Internet Explorer. This would include an employee whose compensation is based on loan volume or the closing of a loan transaction. Yes. Any exchange of information contained herein does not, and is not intended to, create or constitute an attorney-client relationship, a relationship with Lenders Compliance Group, Inc., or its Subject Matter Experts, or its affiliates and subsidiaries. The scenario is as follows: You completed an assignment for a client some time back maybe a year ago, a month ago, a week ago and now another party wants your opinion of the value of the same property. After seven months of making on-time payments at a 6% mortgage rate, your loan balance would be paid down to around $330,000. This means that a copy of the report showing confidential information and assignment results cant be given to, revealed to, or shared with anyone other than the client and persons specifically authorized by the client; state enforcement agencies; duly authorized professional peer review committees;and such third parties as may be authorized by due process of law. Typically, the reason the second party wants to be named as client is that they want the appraiser-client relationship, and all the rights and obligations thereof, to be between them and the appraiser. AIR does not prohibit a borrower from providing payment to an AMC; however, the borrower may not pay the appraiser directly for an appraisal. Conventional, you may or may not be able to transfer depending on the lender you will be using. However, Section I.B. In most cases, you cannot use one single home appraisal, however well-written and recent, at different banks. However, the lender delivering the loan to Fannie Mae makes all representations . Comparable homes used to compare the subject property can be larger or smaller. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. While this could be avoided by obtaining the first clients permission to provide the report to the second client, it still does not resolve the third reason why it is improper to readdress the report which is that to do so is misleading. As soon as it's been re-assigned then your new lender can access the appraisal through the VA portal. Compliance with AIR will be part of the Fannie Maes operational review of the lender. (In the case of a review report, a similar requirement is found in Standards Rule 3-4(b).) Assignment results are your opinions and conclusions developed specific to an assignment. To add intended users after the fact, or to change the intended use, is putting the cart before the horse. Transfer of Appraisals A Seller may deliver to Fannie Mae a conventional Mortgage with an appraisal prepared by an appraiser selected by another lender, including where a Mortgage Broker has facilitated the Mortgage application (but not ordered the appraisal). Is Lender A under any The correspondent closes the mortgage in its own name with its own funds, and sells it to the lender. ), Selling, Securitizing, and Delivering Loans, Chapter B4-1: Property Assessment and Valuation, Research The only way to accomplish this is for a new appraiser-client relationship to be established. A lender may accept an appraisal from a different lender if the In such cases, the home buyer can renegotiate the purchase price. complies with AIR. 0000003303 00000 n Such a process would give the broker an element of responsibility for selecting or retaining the appraiser, and therefore would not be compliant. Most new lenders like Gustan Cho Associates will expedite all transfers so the . And if the first client will not give permission to usetheir confidential information, then you cannot accept the new assignment. A lender may accept an appraisal from a correspondent lender that complies with AIR. Yes. What is the appropriate scope of work for this new assignment. Lender A must be named as client on the appraisal report. Can I recertify a report to another client? Each lender must develop its own documentation requirements to ensure (Note that it is characteristic of professionals in many other fields to keep the identity of prior clients confidential.). Submit all the same documents to the new lender. If a conventional appraisal has been done, conventional appraisals cannot be transferred. First generation appraisal sent to Lender/Broker/Client by the Original Transferring Financial Institution. Conventional loans are the least restrictive, and in most cases an appraisal for an existing home is good for 120 days, while an appraisal for a new home is valid for one year. Original appraisal, written request from lender to transfer, credit authorization. 0000005552 00000 n Most appraisers will look for comparable sales within a mile radius of the subject property. Because Lender B wants the appraiser-client relationship, and all the rights and obligations thereof, to be between them and the appraiser. A request to readdress a report should be treated as a request to accept a new assignment involving the same property, as in Q3 above. A home appraisal is required for both a purchase mortgage loan as well as a refinance mortgage loan. What can go wrong? A preapproval shouldn't take long. 2. A correspondent is a third-party entity that may originate and underwrite the mortgage. No. Lenders will honor an FHA appraisal for conventional loans, FHA loans, and VA loans. closes a loan in its name, but sells it to lender B (another Fannie Mae They went into effect October 15, 2010. Sometimes, if an appraiser is not careful, assignment results are revealed inadvertently. So, for instance, a borrower may write a check to a broker, or provide their credit card information to a broker, for the broker to send to the lender or to an agent authorized by the lender. compliance with AIR, based on its business model and processes. As a risk control measure for certain loan products, it may be common for a lender to order more than one appraisal, and this section does not prohibit that practice. 0000053004 00000 n For example, if the home buyer has a real estate purchase contract for $110,000 on a subject property but the home was appraised at $100,000, the home buyers lender will base the loan based on the $100,000 appraised value. Third, the disclosure must be made up front before accepting the assignment and again in the certification in the appraisal or review report. The identification of intended users (and intended use) must be completed up front before scope of work determination and before the report is issued. You do not expect anything to go wrong and no delays. Please refer to Section IV.A for further information regarding who is authorized to select and retain appraisers. 0000010210 00000 n For example, when a report is prepared for and given to Client A, that report is no longer yours to give, or assign, to anyone else. The comparable properties need to be properties that are sold and recorded and not homes that are just listed. Home inspections are voluntary and not required by lenders. the transferred appraisal determines that the appraisal conforms to its own Another important factor the appraiser considers is the distance of comparable sales compared to the subject property. Yes. CLN Can Help. There are different types of residential home appraisals: In the following paragraphs, we will discuss and cover the home appraisal process during todays booming housing market. A home appraisal is an appraisers opinion on the value of the subjects home. If the mortgage lender does not feel comfortable with the home appraisal, he or she can request a field review appraisal. PK ! Center, Apps As defined in Advisory Opinion 3 of USPAP, a re-certification of value is an assignment in which the appraiser determines whether or not the conditions of an appraisal have been met. 0000063822 00000 n Communications with an appraiser regarding the corrections of objective factual errors in an appraisal report may be made by anyone on the staff of the lender, or on the staff of an authorized third party. In an appraisal assignment, if the appraiser simply changes the name of the client, the appraiser is not following the requirements under Standard 1 of USPAP to identify the client, intended user(s) and intended use with regard to this second client in the proper sequence. On conventional loans, conventional appraisals cannot be transferred from one lender to another. In most cases when appraisals come in below the real estate purchase price, the seller normally lowers the real estate contract purchase price to the appraised value. 0000004541 00000 n Second, simply changing the name of the client and then forwarding the readdressed report to the second client could harm the confidential nature of the appraisers relationship with the first client. <<509AB35289C28A4EAF59CC82BC2B825F>]/Prev 164713/XRefStm 2244>> We will also compare transferring an FHA appraisal versus a conventional home appraisal from one lender to a different mortgage lender. An appraiser will look for homes that are similar to the subject property in square footage, style, number of bedrooms, number of bathrooms, and amenities. Yes. 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Or the request may be to recertify the report, or to reassign it. The seller will be notified that the repairs the appraiser noted need to be done and the appraiser needs to go back out for a re-inspection. What assignment conditions (extraordinary assumptions, hypothetical conditions, supplemental standards) apply? Further, an appraisal report prepared for a client who is the property owner should clearly state that it is not intended for use by a federally insured depository institution in a federally related transaction.