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Change of lender, using the Appraisal report

change of lender. appraisal complete, report still valid, wanting to hand over to new lender BUT will I have to go to the first loan officer for HIM to submit the appraisal report to the NEW lender/loan officer? and CAN he deny my request?
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June 26 2013 - Hopewell Township
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We suggest that you contact the first lender to determine what fees they will charge for the services you have incurred but have not been paid thus far.  The fee for the appraisal must have been paid.  It is not common for a change in lenders at this stage of the loan process.
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June 26 2013
If you paid for the appraisal, the appraisal is yours so he would have to give it to you. Having said that, most lenders want their own appraisals, so although the other appriasal may help, you will probably be required to pay for a new one by your current lender.
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June 26 2013
Profile picture for user2404714

You are entitled to a copy of appraisal but you can't just give the new bank a copy

Steps:

1) Make sure new lender is willing to use appraiser/appraisal. They will tell you they need the appraisal to be modified

2) Contact appraiser and make sure he is willing to produce a new appraisal with the new lender listed on it as instructed by the bank. He/she may charge you something for this. They will also instruct you as to any "release" you may need from the prior lender .

Don't think the old lender is your issue it is the new bank and/or appraiser you have to whip into shape



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June 26 2013
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I'm buying a home and appraisal result less than purchase price? seller will go for appraisal price or cancel contrac, will bank approve for purchase price higher than appraisal price?
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June 26 2013
Simple answer is "NO". Why would they? The collateral (home) is only worth the current fair market value (appraisal).
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June 26 2013
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Just because you paid for the report does NOT make it yours.  Further,  it is a violation of federal law for the appraiser to change the lender name on the report (USPAP).  However,  the new lender can use the report as, but that is not to say they will.
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June 27 2013
Profile picture for user2404714
Details on recycling an appraisal here
http://www.appraisalinstitute.org/ppc/readdressing.aspx

Yes, it can be done legally as long as all parties are in agreement.
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June 27 2013
 
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