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#2244144 - 10/16/20 02:28 PM use of prior appraisal
JWills, CRCM Offline
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JWills, CRCM
Joined: May 2013
Posts: 1,701
The Mitten State
Can a lender use an appraisal that was done for a different lender under the HPML appraisal rules? The first lender could not do the loan as the property was a manufactured home.
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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#2244146 - 10/16/20 02:39 PM Re: use of prior appraisal [Re: JWills, CRCM]
rlcarey Online
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rlcarey
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Galveston, TX
As long as it meets all the required criteria in Section 35, is properly assigned to you and passes your appraisal review process, I see no prohibition on the acceptance of an assigned appraisal for an HPML loan. The only real prohibition in Section 35 is you can't use an appraisal associated with the seller's acquisition on a flip.
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#2244147 - 10/16/20 02:52 PM Re: use of prior appraisal [Re: JWills, CRCM]
JWills, CRCM Offline
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JWills, CRCM
Joined: May 2013
Posts: 1,701
The Mitten State
Thank you Randy.
_________________________
Nonsense wakes up the brain cells.

--Dr. Seuss

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