Can appraisal be Re-used to shop for refinance

Question

I'm currently trying to refinance my mortgage loan to a conventional.  Is it possible to use one appraisal to shop around to a few lenders?  I was told by one mortgage representative that I they could not use the appraisal from another company, even though I paying $400 for the appraisal.  Any truth to this???

Bill Gulley · Answer

Lenders may not accept appraisals from just anyone. The regulations have changed as to qualified appraisers but I believe a lender still has the right to reject work with cause.

The appraiser made it for lending purposes for XYZ lending, not the whole world.

A lender can not accept documents that provide verifications directly from an applicant as there are fraud concerns.

You paid for it, but you are not the client the lender is, but you are entitled to a copy.

If lenders cooperate, one lender may assign the file including the appraisal, a processing fee to the lender not accepted might help, if your demad to assign doesn't work in a timely manner.

This is an advantage of using a broker with a broad range of products.

But, you should be able to shop rates well before ever needing an appraisal, that comes after the application and you can also request with most lenders that they give a loan committment subject to appraisal meaning they will do the deal before ordering an appraisal, may not be avaialable with on-line type lenders. :)

George P. · Answer

yes. you get a copy of it and you can do whatever you want. but most of the time it will just sit in your files while the next lender does their own appraisal.

that whole aspect of RE is so wacked, dont even get me started. how can they accurately assess the property if they ALREADY know the signed purchase agreement if beyond me. gets my blood boiling..

Matt Devincenzo · Answer

George P. so you are entitled to receive your appraisal and take it with you if you choose, correct? But if you bring to a new lender they will likely not accept it?

I haven't tried to do this ever so I'm just trying to clarify here.

Rick L. · Answer

wow, I'm so amazed with this!

George P. · Answer

no. these days, noone will use the appraisal from another company.

stupid, i know.