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From time to time circumstances may arise to require an appraisal report to be transferred from one lender to another. This process is often more complex than it may seem, and clients are oftentimes confused about the restrictions associated with this process. Though the borrower may have already had an appraisal completed with another lender, that doesn’t always mean that the report can be used in another loan transaction. Depending on the type of the loan, there are regulations around the original intended use of the appraisal that restrict the ability to transfer or change the appraisal. The below information is provided as a convenience to assist in outlining options available when this situation arises.
FHA Appraisal? No Transfer Required
If the report in question is an FHA file, a second appraisal or additional steps are not needed. FHA appraisals are transferable because the report is tied to the home. Unfortunately, the same cannot be said for conventional reports. Conventional assignments cannot be transferred when the intended user (lender) is changed, which is considered a new engagement. A new engagement would require a new report.
Can I transfer my Conventional Appraisal?
The standard 1004 appraisal form is very similar to the standard 1003 loan application your borrower filled out online or in person during the loan approval process. The appraisal and loan application are linked to the original 1003 and transaction from the original lender. If your borrower decides to change lenders, regulations would require both a new 1003 application and 1004.
These regulations are enforced through appraisal rules within USPAP as well as lending guidelines. To remain USPAP compliant, the AMC cannot engage the appraiser to change the intended user on the report, nor can the AMC accept revision requests on a file from a party who is not the intended user. Only the intended user on the appraisal can request changes or revisions to a file. Even if the intended user provides a letter authorizing the next user, requested changes cannot be made by anyone else. A change of this magnitude would constitute a new engagement requiring a new effective date, and a new appraisal would be needed.
Alternate Options to Transferring an Appraisal
Though CoesterVMS cannot request the appraiser to change the intended user, the Company can contact the appraiser to determine the fee charged for a second appraisal. The appraiser may offer a discount to perform another appraisal, but this is at the discretion of the appraiser.
Appraisal transfers are not always needed, as some investors will allow you to use the report from the original intended user. Please contact your investor to determine if the report can be used.
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