Converting Appraisal from Purchase to Refinance?

[LCromerPBG]

@CANative ... they are very picky about the closing documents, so corrections at all or needs to re-close, had that happen twice. Aside from that until this file I hadn't had any problems in 3.5 years. I know a Broker that was working with a different location and he seemed to have some issues, but it was staff there or maybe his staff. They undoubtedly have some of the best pricing out there for conventional loans.

 

[LCromerPBG]

@Denis ... will do, I emailed the "Branch Lead" yesterday afternoon, but haven't gotten any response yet. I assume she is in today and perhaps has to have her superiors review for response.

 

[Cob]

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

It doesn't matter about the intended use or transaction type as Cert #23 states that they may rely on this appraisal report as part of ANY mortgage "finance transaction" that involves any one or more of these parties.



The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties.


Whatever lender he is dealing with CAN use the appraisal that was completed a month ago, they just choose not to, as I said before, the only reason they won't is because of liability.