Can appraisals be transferred to another lender?

[Wade Liebendorfer]

I have not had a request to do this since 2006. Conventional loan for a 2-4 family dwelling has been requested to be transferred to another lender.

Looking up online about this I found a website stating that only FHA and VA appraisals can transferred. That is news to me as I thought that no appraisals could be transferred.

 

[Terrel L. Shields]

I thought that no appraisals could be transferred.

Yes, between regulated lenders and no, you do not have to do anything. Do not update it, do not do anything...period. It is between them. Nothing to do with you and don't let them bully you into changing the name.

"Although federally regulated financial institutions may transfer an appraisal to a different federally regulated financial institution, an appraiser cannot “readdress” (transfer) the report to another party."

 

[Bob Ipock]

Advisory opinion # 26.

 

[alebrewer]

Should the 'new' lender decide to engage you for a new assignment, there's no rule that says you have to charge full price. Of course, there's no law that says you don't either... just make sure not to convey any confidential information contained in the old report, and to disclose prior services.

 

[Tom4value]

Yes, between regulated lenders and no, you do not have to do anything. Do not update it, do not do anything...period. It is between them. Nothing to do with you and don't let them bully you into changing the name.

"Although federally regulated financial institutions may transfer an appraisal to a different federally regulated financial institution, an appraiser cannot “readdress” (transfer) the report to another party."

Correct!
I had this happen to me last year. Another lender got a hold of an appraisal I did for my client who gave them the loan and appraisal. The new lender wanted me to make changes; their name as client and changes to conform to their requirements. I responded, "that's nice but you are not my client". The gave me a letter from my client authorizing the "transfer" of my appraisal, thereby making them my client. I told them that means nothing to me. I told them if they want changes, "send me an appraisal order with a LOE and a check for (full fee) and I will be happy to do an appraisal for you."
Never heard back.

 

[sputnam]

Appraisal reports can be transferred to other Lenders. It's an process that doesn't involve the appraiser. A transfer does not make the new Lender your Client. The Client for a particular assignment is the Client forever.

 

[Essexfenwick]

What if the original client (lender) you to change the lender name to the new lender?

 

[BRCJR]

"Transfer or re-address" is very misunderstood by lenders.

For example, FNMA and Freddie will not buy a loan with an appraisal not in the lender/seller name.

Many lenders believe it is as simple as asking for this to be done. Not all are trying to "get around the regs".

Remember, most lenders know as much about USPAP as Appraisers know about lender regulations/laws.

 

[gregb]

Remember, most lenders know as much about USPAP as Appraisers know about lender regulations/laws.

With AMC's knowing even less.

 

[Carnivore]

What if the original client (lender) you to change the lender name to the new lender?

Same issue , just a different way to get around USPAP. NO!!!