Can lenders accept appraisals transferred from another lender?
A lender may accept an appraisal from a different lender if both of the following criteria are met: • The lender receiving the transferred appraisal obtains written assurances that the original lender has adopted and complied with the Code in connection with the loan being originated; and • The lender receiving the transferred appraisal determines that the appraisal conforms to its own requirements and is otherwise acceptable. A lender may also accept an appraisal from an appraisal management company (AMC) specifically authorized by the original lender to act on its behalf if the lender receiving the transferred appraisal obtains written assurances from the original lender that the appraisal was obtained in a manner consistent with the Code.
A lender may accept an appraisal from a different lender if both of the following criteria are met: • The lender receiving the transferred appraisal obtains written assurances that the original lender has adopted and complied with the Code in connection with the loan being originated, and • The lender receiving the transferred appraisal determines that the appraisal conforms to its own requirements and is otherwise acceptable. A lender may also accept an appraisal from an AMC specifically authorized by the original lender to act on its behalf if the lender receiving the transferred appraisal obtains written assurances from the original lender that the appraisal was obtained in a manner consistent with the Code.
