Appraisal reports are not being transferred  by lenders. The Home Valuation Code of Conduct (‘HVCC’) passed by congress has stated that appraisals should be portable from one lender to another.  However, in practice this is not the case.  I recently experienced mortgage wholesaler CMG Mortgage not transfering an appraisal.  Today, I read that some mortgage lenders are refusing to [...]

American Society of Appraisers says in a letter dated July 1, 2009, to the Secretary of HUD that many qualified appraisers are declining to perform FHA assignments. This results from fee restrictions imposed by the FHA with Mortgagee Letter 97-46. This forces appraisal management companies to use less experienced and less qualified appraisers to perform FHA assignments. [...]