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Transfer of Appraisal through FHA system

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Frequent Contributor

Transfer of Appraisal through FHA system

Anyone know about this process and how long it takes?  Lender #1 ordered the appraisal, I paid for it.  Lender #1 had problems, I decided to try Lender #2, they tell me the loan is good to go, but they are willing to use the appraisal I already had done but need Lender #1 to release and transfer the case no. 

 

I was thinking this was an electronic process and should take minutes, but it has been days.  I am tired of waiting for piddly stuff like this.  I am considering call corporate offices for Lender #1 to see if they have processed my request.  They maybe stalling because they still want to do the loan.

 

Any advice?

Message 1 of 7
6 REPLIES 6
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Valued Member

Re: Transfer of Appraisal through FHA system

Generally speaking appraisals cost money. I don't know if lender 1 is necessarily required to share an appraisal they paid for. (I'm assuming you didn't pay, correct me if I'm wrong). Perhaps lender 1 is hesitant to relinquish the appraisal for fear of losing money and business. Maybe if you foot the bill up front rather than at closing, incase you don't close with them, they might be speedier.
Message 2 of 7
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Super Contributor

Re: Transfer of Appraisal through FHA system

Talk to your loan officer.
If it is taking this long, lender #2 isn't doing their job.

 

Takes a day or two.

 

Retired Lender
Message 3 of 7
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Senior Contributor

Re: Transfer of Appraisal through FHA system

Normally, you have to pay for it upfront. 

 

You can ask your appraiser to release another copy to lender #2.   He will hopefully do it for free, but might charge a small fee.

 

Call lender #1 --  if you paid for the appraisal, they are to dispose it the way you request.  If you didn't pay for it, offer to pay for release.

Message 4 of 7
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Frequent Contributor

Re: Transfer of Appraisal through FHA system

I did pay for it.  Lender #2 has a paper copy of the complete appraisal in hand.  They just need the FHA case no to be transferred. So maybe I worded the title of this post odd. 

 

I just got email from Lender #1, asking if we want to proceed with them.  They know we are waiting for Lender #2.  Makes me think they haven't done the transfer even though I requested it twice in writing.

 

I asked Lender #2 this morning if they had received the transfer yet and their computers were down, I haven't heard yet if it has occurred.  FRUSTRATED!

Message 5 of 7
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Frequent Contributor

Re: Transfer of Appraisal through FHA system

It has been transferred.  Checking appraisers credentials now???? What in the world does that mean?

Message 6 of 7
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Senior Contributor

Re: Transfer of Appraisal through FHA system

Here you go  (hands you a wet noodle).   Start cracking it!!

 

They are making sure the appraiser is licensed, bonded, educated, has all of his teeth, and wears clean underwear.   You should be fine.   The appraiser you said you had sounded well qualified.  Smiley Happy

Message 7 of 7
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