I paid for an appraisal with Wells Fargo and am locked in with them, but am angry about some responses I've received from my WF agent over the last couple of days.

Question -

If I dropped WF and went with another bank or a broker, would I have to pay for another appraisal?

I'm closing on July 31, so I'm probably not going to be able to get the appraisal done in time if I had to go that route and will be stuck.

If you are getting a conventional loan, odds are that the next lender will not accept the appraisal and you would have to pay for another one. 

Thanks Kent - yeah, 30 year conventional. : (

Mark

I know of one bank who does accept the appraisals from other lenders. i.e Flagstar Bank however currently their TAT is 18-20 days itself so really wont make sense moving over to them. Is it a purchase or refinance transaction?

Flagstar has a lot of rules regarding using the same appraisal. 

1.  They'll only accept it if it was ordered through a Flagstar approved AMC.

2.  They must receive an HVCC compliance cert from the original lender (who may be unwilling to release it).

3.  They must receive the appraisal from the lender or AMC to determine if it's compliant (again, the lender may be unwilling to release it).

Just wanted to let you know that it's not as simple as passing notes in class.

With the new appraisal rules and such...and its more of the borrower paying and getting the appraisal....

Shouldn't an appraisal be universally accepted?

Assuming that it isn't older then like 30 or 60 days or something...or I suppose they could do some slight adjustments if older then 15 days...in declining markets etc.  (-15%/365) * daysOld * Value

So brokers were 'shopping' appraisers to get good values in turn giving biz.........and that was shady/bad

Now banks are 'shopping' appraisals....to get bad values so they have a reason to not lend....

Those banks should just say they are only lending to 'very high equity people'.

There are still programs that allow for high LTV's: FHA and VA loans being the most common.  Depending upon your cicumstances, these may be good options.

Remember, there is nothing common about common sense.  It explains a lot when you have to deal with some of the nuances in the mortgage industry today.

Virgin Money will allow brokers to use an appraisal from another lender.

Mark

you can also try a broker who sells to Wells and see if they can do better for and I am fairly certain they can use the appraisal. What state are you in?

I'm in PA.