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If the lender is the "Client" they own the appraisal and no one can be provided with a copy without their (I suggest written) authorization. I have even watermarked in red "CONFIDENTIAL" and within 15 minutes got a screaming phone call from an agent who said "I'm looking at this appraisal, that I just got from the lender". This is pretty strange that often the lender immediately provides it to agents and refuses it to the borrower, who is entitled to it. But it is a play on power and ignorance and as long as buyers/sellers/agents/lenders and unfortunately even some appraisers don't know or understand it will be this way. In my experience and opinion, lenders don't give it to borrowers because they don't want them to see anything that might cause a problem/question.
My guess is the lender won't release the appraisal report to the borrower until closing is so they cannot use it to "shop around" for another lender. Not that a new lender can use the appraisal as is, but they can ask the appraiser to give them a new one in their name with the same effective date so that the value won't change.
Schousse,
Exactly right. AND in the appraisal there is a statement that the "Lender" can share it with or assign it to anyone they choose. So often when shopping for the highest bidder/investor for that loan they transfer it to them. This is why many times there are so many requests for changes after completion and delivery (additional comparables, actives, solds and pendings including impossibles such as waterfront log cabins sold in the last 6 months and within 20 miles) to an appraisal causing serious delays and being blamed on the appraiser.
My guess is the lender won't release the appraisal report to the borrower until closing is so they cannot use it to "shop around" for another lender. Not that a new lender can use the appraisal as is, but they can ask the appraiser to give them a new one in their name with the same effective date so that the value won't change.
Of course Dutchie you know that's a new assignment. Re-addressing an appraisal is a no-no. And there are no rules that I know of that prevent a lender from using an appraisal addressed to someone else.
Of course Dutchie you know that's a new assignment. Re-addressing an appraisal is a no-no. And there are no rules that I know of that prevent a lender from using an appraisal addressed to someone else.
I never said anything about re-addressing, Steve. They can order a new one with the same effective date. I should have been more specific.
There are no rules on using an appraisal in another name. That is why it is so important to use a non-fannie form for things like pre-listing appraisals.
HOLD ON THERE.... CMAs are not appraisals. BPOs are closer but Brokers do not collect accurate data from the market to make adjustments as needed. Most Brokers do not have a clue about how appraisers make adjustments.
AND
New banking laws REQUIRE that banks give a copy of the appraisal to the borrower 3 days before closing. Lenders were ALWAYS required to give borrowers a copy if requested, usually the request has to be in writing. A borrower can ALWAYS refuse to close if the lender is not being cooperative. As the Borrower, you have the POWER of the pen. If there are things at closing that the lender has not done which they promised or if the HUD is not correct or if Payments are different that on the Truth in Lending disclosure, then DON"T CLOSE. The lender doesn't get paid until you do!!!
As far as the appraisal in concerned - The bank is the client, & intended user and owns the appraisal entirely - that is why you do not receive it from the appraiser. The appraiser gives it to the Bank and in turn the bank gives it usually within 3 days of closing or at closing. This is how the timing works, it's not the Bank playing difficult - it's just how it works with requirements.
The person having issues with the living area being larger on the refi they did or even if it was a purchase. The county does not ever see the appraisal and did not base value on the square footage supplied from that appraisal. To dispute with the County would be based on declining values and recent sales.
HOLD ON THERE.... CMAs are not appraisals. BPOs are closer but Brokers do not collect accurate data from the market to make adjustments as needed. Most Brokers do not have a clue about how appraisers make adjustments.
I am smiling from ear to ear
AND
New banking lawsREQUIRE that banks give a copy of the appraisal to the borrower 3 days before closing. Lenders were ALWAYS required to give borrowers a copy if requested, usually the request has to be in writing. A borrower can ALWAYS refuse to close if the lender is not being cooperative. As the Borrower, you have the POWER of the pen. If there are things at closing that the lender has not done which they promised or if the HUD is not correct or if Payments are different that on the Truth in Lending disclosure, then DON"T CLOSE. The lender doesn't get paid until you do!!!
As far as the appraisal in concerned - The bank is the client, & intended user and owns the appraisal entirely - that is why you do not receive it from the appraiser. The appraiser gives it to the Bank and in turn the bank gives it usually within 3 days of closing or at closing. This is how the timing works, it's not the Bank playing difficult - it's just how it works with requirements.
All borrowers and sellers should try to read the above paragraph.
I suppose it won't hurt to provide a Fannie Mae selling guide referencing a borrower receipt of Appraisal (mortgage loan purposes): https://www.efanniemae.com/sf/guides...de/pdf/air.pdf (broken link)
III. Borrower Receipt of Appraisal
The Seller shall ensure that the Borrower is provided a copy of any appraisal report concerning the Borrower’s subject property promptly upon completion at no additional cost to the Borrower, and in any event no less than three days prior to the closing of the Mortgage. The Borrower may waive this three-day requirement if such waiver is obtained at least three days prior to the closing of the Mortgage. The Seller may provide the Borrower at closing, a revised copy of an appraisal and information as to the nature of any revisions, so long as the revisions had no impact on value.The Seller may require the Borrower to reimburse the Seller for the cost of the appraisal. Effective year is 2010
Any updates can be found here: https://www.efanniemae.com/sf/guides/ssg/ (broken link)
Note: Freddie Mac is similar.
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They can order a new one with the same effective date. I should have been more specific. 
