It is important to know that transferring the VA appraisal to another lender after the appraisal was completed is very simple. A VA buyer may start the process with one lender and run into trouble or just want to change lenders after their appraisal is completed. At that point, assuming the current lender is ethical and friendly, it should be easy to change lenders and have the VA appraisal transferred to the new lender.
Why Transfer a VA Appraisal
Last month a VA buyer had gone through 6 weeks of a loan process with a well known VA lender. A week before closing, that lender decided they could not approve the loan because of their specific underwriting overlays regarding the specific subject property. The buyer talked to me about the specifics and I took those details directly to my inhouse VA underwriter. She told me that the other lender had no right under current VA underwriting guidelines to deny that loan. So, we instructed the buyer to have it transferred to us and we closed it in under 2 weeks.
How To Transfer a VA Appraisal
Transferring the VA appraisal was easier than the borrower and the Realtor thought. We simply gave the buyer our VA lender ID and instructed him to write an email to his current lender authorizing and requesting that they transfer it into our name. Within 24 hours, that VA appraisal showed up in our lender portal. Simple as that.
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