This is more of lender question but what is the process of getting a lender to transfer the appraisal to another lender. The appraisal was a conventional. I tried google but it only gave FHA and VA info.
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Transferring Appraisal
- Thread starter DM024
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Meandering
Elite Member
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- Feb 26, 2006
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- Real Estate Agent or Broker
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- Pennsylvania
The lender’s buy, sell, transfers the loan package, of which, the appraisal is a part.....and nobody is to bother the appraiser with anything.
You can find it in the Fannie Mae selling guide.
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You can find it in the Fannie Mae selling guide.
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andrew81
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depending on the type of loan, lenders are allowed to use prior appraisals if they find that the appraisal meets their standards. the appraisal must not be changed or readdressed in any way.
they are allowed, but most will not. they all have their own standards layered on top of other standards and requirements.
they are allowed, but most will not. they all have their own standards layered on top of other standards and requirements.
D
Deleted member 152047
Guest
It is probably different on the residential side, but if I prepared an appraisal for a specific lender and another lender asked to use the same appraisal, I would refuse. They need to re-engage me, otherwise they are not my client, cannot use my report, and I have no duty to them. I always charge an appraisal fee, which is highly dependent on the amount of time between appraisal 1 and appraisal 2. Furthermore, different clients can have significantly different requirements, scope of work would be a consideration as well.
All that said, I don't think it is as easy as you might think and it will likely cost you some $$.
All that said, I don't think it is as easy as you might think and it will likely cost you some $$.
bnmappraisal
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Not that different in the RES world. Still boils down to USPAP, etc regarding confidentiality, etc
Do appraisal for Lender 1, send it in. For whatever reason Lender 2 comes along. It needs to be a new assignment. Follow the steps for the new assignment, including prior services
Fee(s) become a business decision
Terrel L. Shields
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- Arkansas
A report can be transferred between regulated lenders and the appraiser is not involved and does not readdress the report. Check IAG and Fannie guidelines.
Ok here's an update. Lender B said they can use appraisal from lender one but it would need to be released. Lender B said they would get me a form. I ask lender A if they will transfer it over and they said sure but the lender said they dont have a form to fill out so not sure what I'm asking when I ask for an appraisal transfer form. So now I'm just sitting here waiting for the form from lender B I guess. But my question is there an actual form? Rather is a form needed or can I just take the appraisal to from A to B and be done. Also i wont need any changes on the actual appraiser?
Last edited:
bnmappraisal
Elite Member
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I would HIGHLY SUGGEST you get the OK to transfer in writing
I agree. I regret not asking for it the other day. Since then I've had a bit of an attitude with them as they are trying to sell me a loan that doesnt meet the amount requested. They have since lowered the amount even with the new appraisal. I know their calls are recorded but at this point I'm considering just getting a new appraisal with lender B
Meandering
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- Real Estate Agent or Broker
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- Pennsylvania
Nope, Nope and Nope.
Lender A can transfer the loan package which includes the appraisal.
They can not transfer their client relationship with you.
You can not transfer your client relationship with them, no matter what they write.
You are married to each other, and can't just decide, you'll be married to your wife's sister instead.
If Lender B wants an appraisal from you, they have to hire you to produce one for them.
Period.
Period.
Period.
.
Lender A can transfer the loan package which includes the appraisal.
They can not transfer their client relationship with you.
You can not transfer your client relationship with them, no matter what they write.
You are married to each other, and can't just decide, you'll be married to your wife's sister instead.
If Lender B wants an appraisal from you, they have to hire you to produce one for them.
Period.
Period.
Period.
.
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