can you transfer a conventional appraisal to another lender

Having Issues with Seeing this Page Correctly? This is due to regulations created in fear of the loan originator might influence the appraiser to come up with a higher value. Such a notion would be inconsistent with the underlying principle in USPAP that the appraisers role is to be independent, impartial, objective, and unbiased. To be named as the client in a report, one must have been the party who engaged the appraiser. Yes. An analogy would be if you sold your car to Party A, you couldnt then sell it to Party B, as it is no longer yours to sell. complies with AIR. Can I Use My Home Appraisal at Different Banks? - The Nest feel free to email. If the borrower is transferring a conventional loan to an FHA Loan, then the Conventional Appraisal needs to be changed to an FHA Appraisal. demonstrate that the lender transferring the appraisal is complying with 0000069383 00000 n In the context of this discussion, reassigning means signing over ones rights and obligations with regard to the report to another party. The Seller delivering the loan to Fannie Mae makes all representations and warranties . Appraiser Independence Requirements - Fannie Mae Perhaps when all is said and done you will be providing virtually the same data and analysis, and even the same value conclusion (though you wont discover this until you have completed your analysis.) A home appraisal is an appraisers opinion on the value of the subjects home. 0000053004 00000 n xeRn0+|l! 0000014840 00000 n PDF FAQ Frequently Asked Questions - USDA Rural Development The only way to accomplish this is for a new appraiser-client relationship to be established. A correspondent lender may use in-house appraisers if they meet the criteria in Section V. No. Once that issue is resolved, the next questions to be answered are: In many such cases there may be little additional work in performing a new assignment for another client. 492 66 They went into effect October 15, 2010. For example, when a report is prepared for and given to Client A, that report is no longer yours to give, or assign, to anyone else. 0000054601 00000 n First, keep in mind that not all portions of the report are confidential.

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