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One of my appraisers said that Farm Credit, who he also does appraisals for said that per regulation that if one of the borrowers has had an appraisal recently done, paid an appraiser for them personally. Then they decided to come to borrower money from them, that Farm Credit can not order the appraisal and ask him to use the same appraisal (effective date) and readdress it to Farm Credit. They will have to order a brand new appraisal. I thought that was acceptable but am I wrong and that is a federal regulation or do you think that is just Farm Credit’s regulation?
Based on federal regulators if the appraisal is assigned to another institution that ordered it with their permission and that of the property owner it can be transferred to another institution as long as it is within a reasonable time frame if the receiving institution determines that the appraisal meets their own requirements, is still valid, and complies with relevant appraisal regulations. Additionally – 1) the appraiser must be engaged directly by the institution transferring the appraisal, 2) the appraiser has no direct or indirect interest in the property or transaction, 3) the existing appraisal or evaluation remains valid, and 4) the regulated institution determines that the appraisal conforms to the agencies’ appraisal requirements and interagency guidelines and is otherwise appropriate.
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