Attn: Appraisers!?

I have a question about releasing an appraisal. I am a secretary, and need to know if….
Lets say ABC Mortgage orders an appraisal, and it is going to be paid on the HUD(closing), but they never close, and now XYZ Mortgage wants the appraisal. Can I switch it over, or do I have to get permission from ABC….because let’s say ABC did pay for the appraisal, then I know I would have to get permission from them. THANKS !


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    One Response to “Attn: Appraisers!?”

    1. Leo F says:

      The company that ordered the appraisal "owns the appraisal" no matter who paid for it. Also it is illegal for an appraiser to accept an assignment on the contigent of a loan closing. You will need to get the FHA case number assigned to your company and get a realese letter from the prior lender to release the appraisal and then you still can not use the appraisal, because your company name is not on the report as client. The appraiser can not change the client name on the report. You will need to order a new appraisal

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