Appraisal Portability

Appraisal portability provides that a lender may accept an appraisal prepared by an appraiser for a different lender provided the lender (1) obtains written assurances that such other lender follows appraiser independence guidelines in connection with the loan being originated and (2) determines that such appraisal conforms to its requirements for appraisals and is otherwise acceptable.  The originating lender is responsible for documenting the written assurance to the other lender.  The lender accepting the appraisal report completed for the originating lender must accept the report “as is.”  The appraiser has no contractual relationship with the second lender and is not responsible for changes requested by the second lender.