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Profile picture for Dawn P

Are there any mortgage lenders that allow you to use an appraisal with a different mortgage lender?

I want to apply to two different mortgage lenders, and see which one is the best, but they both want me to use their own appraiser.  That would mean I would have to pay for the appraisal twice.
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April 19 2010 - Lakewood
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Profile picture for Partsman999
I feel that since there is no national/state standard on appraisers we are faced  with this scenario, which adds to the costs of home purchasing and can delay it too.

Surely it is not unreasonable for Lenders to agree on a state standard for  an appraisal, paid for by the borrower which is usable within 30 days.

I have read the many horror stories of lenders from this site and others which quote a rate, then ask for the appraisal application fee and then bait and switch them, forcing them into a corner financial or time wise.

Until rationality enters the lending business properly, find a broker/lender you are comfortable as this relationship will last for a long time

 
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April 19 2010
So you are trying to apply for the same loan simultaneously with two different lenders? Why not just find out what the costs are up front for each lender and choose from there. the appraiser is independent of this process in that the appraiser is called in to the game after you have applied for the mortgage itself.

You owe it to all involved to do your due diligence before you apply for a mortgage...do you buy insurance then  start shopping for the best coverage and rates? No...you identify what coverage you need/want then you shop for the best rates comparing apples-to-apples then select an insurance company...
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October 20 2010
wow. hopefully you were not double applying at the same time for one home. hmmmmmmmmmmmm?
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October 17 2010
I agree with Kelly - there is no reason to have 2 different lenders processing your loan at the same time. You can apply with 2 lenders in order to obtain a Good Faith Estimate, thereby comparing lender fees.
But - once you select the lender you will work with, the other lender can be told you have selected to use another company.

In other words, to see which one is best - you obtain a GFE, and chose.
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April 21 2010
You are not using their appraiser-  You are using a management company's appraiser that is chosen at random.  The only way to determine if the appraisal can be used by another lender is if they use the same management company.  If that is the case, then you must check if they will allow the appraisal from the other lender to be transfered.  Keep in mind, what you are doing is not very ethical as you are putting 2 people to work that I am assuming have not charged you a penny up front.  If you do plan on using 2 lenders to get you an approval, I would hope you let them know that.  This way they at least have the option of proceeding or not.
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April 20 2010
What's rational about an appraiser working for the individual borrowing the money?  I am going to lend you money and the amount I lend to you is based on a value that is set by someone that works for you?

Appraisers are in fact licensed by the state.
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April 19 2010
I'm glad I don't have any Lakewood properties in my pipeline!
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April 19 2010
Appraisal should only be paid for an ordered after you have committed to a lender.  You are correct that it is most fair to everyone to do all of your shopping at this stage and when you find the right source, commit, lock your loan and order your appraisal.
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April 19 2010
Profile picture for Dawn P
Hmm, that makes me sound really bad.
Sorry I guess I should rethink my approach.  I guess I could get the points and things locked in before the work is all done, shop up front.
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April 19 2010
With new HVCC guidelines in place most lenders won't accept an appraisal that was ordered by another company since they can't confirm the new guidelines were followed.

There is no need to do that to compare 2 lenders, anyways.  All you have to do is attain a Good Faith Estimate from each.  RESPA guidelines make it so the final HUD can't vary from the Good Faith Estimate when it comes to the lender fees...
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April 19 2010
So basically you are saying that you want one person to work for free right? Your intent is to make both do all the work and then at the end only one gets paid for it. 

Make sure you let them know this is what your intention is up-front, they should be knocking your door down with offers!
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April 19 2010
Geez.....
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April 19 2010
 
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