I am in the process of getting an FHA Loan and may need to change lenders. How can I use the same appraisal?
I was told the appraisal needs to be logged in to the FHA Connection Site and it wasn’t. Who is responsible to log the appraisal; the mtge company or appraiser?
thanks
Tags: Appraisal, Change, Getting, Lenders, Loan, Need, process, same
2011/10/19 at 22:32:32
All FHA loans are originated through the FHA connection site. An FHA appraisal CANNOT be done unless the loan is opened through the portal. For one thing, it tells the underwriter if the address is approved or not and other critical information.
The appraisal is assigned to the mortgage company and ONLY the appraiser can re-assign it. Many appraisers will refuse to do this unless you pay for another appraisal…because technically, it is a new appraisal even though they may be using the same information.
You also cannot have the same address used more than once…because if you change lenders, the first loan will have to be cancelled before it can be originated again to get a new case number.
Why are you wanting to change lenders?
2011/10/19 at 21:49:29
Usually the underwriter who is DE approved. Appraisals can be assigned to a different lender; however, it will depend on when the appraisal was done and the age of the comps.