Loan going to closing and we have learned that the application was completed with the wrong address (home in a new housing tract) and thus wrong appraisal ordered as well.

Obviously we have to get a new appraisal, but do we have to start the loan over as well? I have always been told new address, now loan. But I cannot find this rule anyplace, and wonder why the app cannot simply be amended to reflect the current address?

Yes, simply amend the address and proceed.

Why would you have to get a new appraisal tho? Is it on totally the wrong property? If not, just get it corrected to show the right address and move on.

I have never heard of this rule. I would get new documentation that pertains to the correct address (appraisal, title, survey, etc.)

totally different building with differing layout.

thank you.