I agree with all of the comments above suggesting the bank s/h ordered its own appraisal. As a lender, even I would have a hard time stretching to accept a borrower-ordered appraisal. That said, there is no such regulation requiring a full, self-contained appraisal report. It really comes down to risk tolerance. If we know the appraiser and the location, we almost always opt for a summary report. If we have participants that don't know the appraiser or area, we get a SC report. BTW, USPAP changed in 2006 and dropped any reference to "limited" reports. There still is a "restricted" format report (which may be what rlcarey might be thinking of) which the regulators do allow with caution (meaning use it sparingly and only for low balance, low LTV, low risk, etc ...).