I began my VA mortgage process with a big bank and was erroneously denied when the processor neglected to submit proof for all of my assets. It took 5 days to get my application resubmitted to underwriting and during that waiting period I sought out the services of another lender. The new lender was able to get my deal through underwriting at what seemed like lightnening speed compare to the big bank AND they are saving me over $4,000 in closing costs!!!!!!!
I have been conditionally approved and all that is missing is the VA appraisal. Since the big bank ordered the appraisal my new lender said to let them continue through the process and once the appraisal report is ready they will requiest it from the big bank. The request was made about 3 days ago and my new lender still has not received it. How long does an appraisal transfer take between lenders?
Thanks in advance!
VA appraisals are posted to the VA portal (a website), which an underwriter can go into and download. However they can only access the appraisal if that lender has been assigned your VA case #. When the appraisal was originally ordered, it was done so by the lender ordering a VA case #. This automatically orders an appraisal at the same time. So in order for the new lender to get the appraisal, the VA case # will need to be re-assigned to them. This is done by you sending a signed letter to the VA Regional Loan Center that covers your state (or to your lender, who sends it to VA) requesting the re-assignment. As soon as it's been re-assigned then your new lender can access the appraisal through the VA portal. It can be done the same day, usually 24 hours though.