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Appraisal Transfer?

I have a two week old appraisal.  The house appraised at 85% LTV.  I found another lender that can do a "piggy back" first mortgage and HELOC to get the refi done, but I don't want to pay for another appraisal.  I've been told that a lender can't use another lenders appraisal.  I looked over the HVCC and under "Portability of Appraisal" and read: "Q45. May an appraisal be transferred to a lender from a correspondent lender and, if so, under what circumstances?

Yes, a lender may accept an appraisal from a correspondent lender that complies with the Code." How do I make this happen?

  • July 18 2012 - Boise
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Answers (6)

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RE: Appraisal Transfer
Thanks for all the responses.  Can anyone recommend who, or what management position I could contact at the banks in question?  Who, theoretically, could allow the transfer? Idaho Independent Bank and Key Bank, both in Boise for what it's worth.  Key Bank did a drive by appraisal to look at the HELOC and I had to laugh when I got the phone call asking for directions.  It was the same outfit, Gem State Appraisers, that had just done the full appraisal two weeks earlier.  The full appraisal was $520 so I'd rather not throw that away for someone to copy and paste (my assumption-probably terribly unfair) an appraisal.  I've never posted here before so if this should be a new post rather than a"reply" then, sorry.
Thanks again.
  • July 18 2012
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I am a local lender here in the Treasure Valley and typically we will accept another lender appraisal as long as the initial appraisal request was done "HVCC compliant"  I've yet to see an appraisal that does not meet that requirement, and I've had many, many appraisals transfered in due to similar circumstances
  • July 18 2012
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A rare occurence to be sure these days for the reasons stated, better odds to be born on Leap Day. Check back and let us know how it goes...
  • July 18 2012
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Another great example of "guidelines verses gospel".  What I mean is that in many cases guidelines allow for things but lenders make up their own rules and the golden rule implies that those with the gold make up the rules.

I have not been successful in getting appraisals used again unless they were FHA to FHA.

Best of luck.
Jim Paulson, CRS, GRI, EPRO, SRES, 
Owner/Broker - Progressive Realty Corporation
  • July 18 2012
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It is up to the lender you want to transfer it to.
  • July 18 2012
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yes it can be transfered, but without assurance that the first lender followed HVCC in securing the appraisal most lender's won't take the chance on it.

and the first lender has no obligation to transfer it.
  • July 18 2012
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