Converting Appraisal from Purchase to Refinance?

[LCromerPBG]

@ CANative ... I see your point highlighted, i can agree they requested the wrong form but also seed based on COB's comments that the Lender should be able to use the existing appraisal.

Yes, we all long for the "old days", the appraiser I used for 10 years would have had no problem updating for a nominal fee considering what really needs to be done. Curse Andrew Cuomo, WAMU, FNMA & FHLMC and others that brought about the HVCC!

 

[Mike Kennedy]

@ COB ... thanks & I am noting #23 to the lender

Cert. 23 is not applicable as the intended use, owner and transaction type are not the same. See my prior post.

 

[Mike Kennedy]

@ Mike ... straight out FNMA

See prior posts 17 and 22....especially "1004D report format's sole purpose", significant change in OWNERS OF RECORD and INTENDED USES and EFFECTIVE DATE ie. purchase v refi. 1004D is not acceptable nor is the original 1004 for the NEW intended use.

 

[Dan Umstead]

Btw, there is no such thing as the HVCC anymore. Long gone. Only refer to Frank/Dodd to the lender regarding guidelines.

 

[LCromerPBG]

@ Mike ... got it, still pointed #23 out to lender in email sent earlier today. Thanks for you input.

 

[LCromerPBG]

@ Dan ... HVCC or Dodd/Frank, guidelines basically the same as far as my not contracting the appraiser

 

[CANative]

@ CANative ... I see your point highlighted, i can agree they requested the wrong form but also seed based on COB's comments that the Lender should be able to use the existing appraisal.

Yes, we all long for the "old days", the appraiser I used for 10 years would have had no problem updating for a nominal fee considering what really needs to be done. Curse Andrew Cuomo, WAMU, FNMA & FHLMC and others that brought about the HVCC!

I'm sure you know better than I about each lender having their own peculiar underwriting overlays.

And since they have the money......

 

[LCromerPBG]

That they do, the few wholesale lender I deal with are pretty good. This problem is with Provident wh certainly can be picky at times, but I have never had any issues like this where they changed what they wanted 3 times ... nothing on the appraisal, then form 442, then form 1004 ... not the proper way to do business. I did request that they pay for the new report ... will be interested to see if they bite.

 

[CANative]

Provident gets a lot of complaints over on Broker Outpost.

 

[hastalavista]

I did request that they pay for the new report ... will be interested to see if they bite.

If you can, let us know how they resolved the payment for the new appraisal.

Obviously, they should. You'd think for a lousy $250-375 (my guess for the new appraisal if the same appraiser does it again), they'd figure it was worth the goodwill.