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Old 09-13-2013, 03:32 PM
 
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After a very bad loan experience with a large bank, I switched lenders after the appraisal had been requested and completed by the first lender but before the loan application was completed (essentially, they were still asking me to provide documents). I have asked the bank to forward the appraisal to me, but they have not. Do I have a legal right to the appraisal, or do I have a right to dispute the charges I paid for the appraisal if they don't provide it?

Thanks!
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Old 09-13-2013, 03:43 PM
 
Location: Huntington Woods, MI
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Yes you have a legal right to the appraisal under ECOA.
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Old 09-13-2013, 03:48 PM
 
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It's up to your new lender as to whether or not they will accept the original appraisal. The appraiser cannot re-address the report however the appraiser can do a new appraisal and it's up to him/her what the new fee will be. And it's not the appraiser's fault that you changed lenders, yet you don't want them to get paid?
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Old 09-13-2013, 03:59 PM
 
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Why would you make those assumptions? I am well aware my new lender may not accept the appraisal, but the fact is, I paid for an appraisal that the original lender isn't sending to me and I wanted to confirm whether it was my right to receive it or not. I was charged by the bank for the appraisal fee and actually talked to the appraiser about how he was paid and he told me he was paid through a government subsidy program and not by the bank...essentially he would get paid regardless of whether I tried to dispute the charge from the bank for withholding the appraisal.
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Old 09-14-2013, 09:15 AM
 
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as the earlier poster stated, as long as you paid for it you have a right to receive a copy of the appraisal. I believe there is a disclosure in the application you're required to sign informing you of this right. you need to make the request in writing w/in 90 days of withdrawing the application. i'd send a certified letter.
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Old 09-14-2013, 09:19 PM
 
Location: MID ATLANTIC
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Quote:
Originally Posted by ETex2 View Post
It's up to your new lender as to whether or not they will accept the original appraisal. The appraiser cannot re-address the report however the appraiser can do a new appraisal and it's up to him/her what the new fee will be. And it's not the appraiser's fault that you changed lenders, yet you don't want them to get paid?
The buyer does not have control of payment to the appraiser.

Even if the buyer cancels his check to the bank or contests his credit card, it doesn't mean the appraiser won't get paid. The bank is responsible for the payment, not the applicant. If he didn't pay for the appraisal, the bank does not have to provide a copy to the borrower. If he didn't pay for the appraisal, the bank must pay the appraiser.

And for what it's worth, I don't know of any bank or lender that is accepting an appraisal assignment - they cannot certify it meets AI regulations, so even if one appraisal had been done, a second fee would be quite likely. The only exception to this is on VA or FHA loans, where the case number is transferred.

This sounds like the order was canceled before the appraiser even got the job rolling.
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