Posted on: 22nd Jun, 2010 04:13 am
hi… i've a property which i want to refinance. i contacted my loan agent and she told me to pay for a home appraisal. she told me that she could use the same appraisal in case my present lender didn't work with me. however, she came up with a surprise last night. she told me that my present lender is not interested to work with me and now i needed to go for another appraisal for another lender. and i need to pay for the appraisal once again. thus, refinancing 1 property but i need to pay for the appraisal twice. do you think she's correct? i don't want to pay for another appraisal… suggestions anyone?
Yes it's correct that you will most likely need another appraisal. Since you have to start from scratch anyway, may I suggest getting a new loan officer in the process. This is common knowledge that appraisals do not transfer and you were lied to originally. If it was not a lie, it was incompetence and you don't need to work with either of those.
Under the new Home Valuation Code of Conduct (HVCC) the appraisals are supposed to be portable from one lender to the next as long as the first lender can provide a certification that the ordering process was within the guidelines of the HVCC. However, there are still some lenders that will only accept appraisals from their own approved list of appraisers or through their own ordering system or AMC. If the appraisal was not completed by one of these appraisals it is likely the lender will require another appraisal.
Hi Melinda!
Welcome to forums!
As far as I know, the lender would require you to appraise the property from their own appraisers before they refinance your home loan. As Benjamin has said in his post, most lenders would ask you to appraise the property from their own list of approved appraisers. Thus, as far as I can understand your situation, you'll be liable to pay for the second appraisal.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, the lender would require you to appraise the property from their own appraisers before they refinance your home loan. As Benjamin has said in his post, most lenders would ask you to appraise the property from their own list of approved appraisers. Thus, as far as I can understand your situation, you'll be liable to pay for the second appraisal.
Feel free to ask if you've further queries.
Sussane
Portability ought to be mandated. Responsible lenders (and responsive lenders) would want to add to their list of approved appraisers, one would think.
I agree George, one would think. But as much turmoil we have seen in the lending industry over the past few years, it also doesn't surprise me.
Which is, of course, the reason I worded it that way. And, no, I'm not surprised at much of anything that takes place these days.