Who “owns” the appraisal?
Even though the borrower pays for the home appraisal, the mortgage company is the owner. This is counter-intuitive and can be frustrating for borrowers that are dealing with a mortgage company they have decided not to work with. This is because the mortgage company orders the home appraisal on the borrower’s behalf, and the appraiser then names that mortgage company on the home appraisal. The borrower does have a right to receive a copy of the real estate appraisal, however, it is at the mortgage company’s discretion whether or not to give the borrower the original home appraisal.
