use of prior appraisal

Posted By: JWills, CRCM

use of prior appraisal - 10/16/20 02:28 PM

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.
Posted By: rlcarey

Re: use of prior appraisal - 10/16/20 02:39 PM

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.
Posted By: JWills, CRCM

Re: use of prior appraisal - 10/16/20 02:52 PM

Thank you Randy.