Have you ever gone into a store and paid for something, bu you were not allowed to take it home because it’s not yours? That’s insane who would do such a thing? Actually a lot of people.
We see it everyday in the mortgage loan world. A borrower has a right to … Hold that …
In Florida the borrower has a right to have an appraisal before closing. The Fed’s say that the borrower has a right to receive a copy of an appraisal.
The lenders charge the borrowers for the cost of the appraisal. Some lenders even require the borrower to have two appraisals, most often on loans over $1million.
If a lender does request a second appraisal they most often pay for the second one themselves, with the exception of jumbo loans. When an appraisal is ordered it is almost always paid for by the borrower.
The borrower has a right to receive a copy of the appraisal, but the appraisal rights actually belong to the lender.
If a borrower is having trouble with a lender moving forward with their mortgage loan process and they decide to change lenders, then they need permission from the current lender to release the appraisal to the new lender of choice.
There is a side note here:-
Some lenders will not accept an appraisal transfer. In this case, the borrower would have to have another appraisal ordered through the new lender.
When an appraisal is transferred and accepted by the new lender it is almost never accepted in its entirety.
The borrower can expect the new lender’s underwriter to request the appraiser to do some revisions. The appraisal management company may have a fee charge in order to do these revisions.
But it’s not yours
Borrowers should know they have a right to receive a copy of the appraisal even if it’s not considered theirs. A borrower should NEVER WAIVE their right to receive a copy of the appraisal. As a borrower you have a right to receive A FULL COPY of the appraisal 3 days prior to closing.
Do not let anyone tell you this will delay the closing.
Under the TRID rules, the “CD” closing disclosure, has to be sent out 3 days prior to closing, so why would the release of the appraisal be a reason for a delay?
Don’t be bullied, get your copy of the appraisal!