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LHFS APPRAISAL TRANSFER POLICY – 12.07.2016 PAGE 1
Equal Housing Opportunity Lender. Please note that all information is provided for informational purposes only, for the exclusive use of licensed mortgage professionals, and not for distribution to the public. This information does not
represent an offer or commitment to enter a loan agreement by Land Home Financial Services, Inc. (LHFS). Not all programs are available in all areas and rates and costs stated do not apply to all loans made. LHFS’s underwriting
guidelines and program restrictions apply. Terms and programs listed are subject to change without notice. LHFS only conducts business in approved states. LHFS is an Equal Housing Opportunity Lender. For complete licensing
information go to http://www.nmlsconsumeraccess.org. Corp NMLS #1796.
A
PPRAISAL
T
RANSFER
P
OLICY
T
RANSFER OF
A
PPRAISAL TO
L
AND
H
OME
F
INANCIAL
LHFS will accept appraisals to be transferred on standard agency fixed rate conforming loan sizes. At this
time, high balance, super conforming, LHFS expanded niche programs, or any type of conventional ARM
transactions will not be eligible for a transferred appraisal. For acceptable appraisal transfer transactions,
the appraiser may not be on any Land Home Financial Services, Inc. ineligible list including but not limited
to: FHLMC Exclusionary List or FNMA Ineligible List. The Appraisal Transfer Letter must be executed by
the lender that ordered the appraisal and must be signed by an authorized officer of the company (See
sample letter). Appraisal Transfer Letters signed by Loan officer(s), Loan Processor(s), etc. will not be
acceptable.
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PPRAISAL
T
RANSFER
L
ETTER MUST INCLUDE THE FOLLOWING LANGUAGE IF
L
AND
H
OME
F
INANCIAL
S
ERVICES
,
I
NC
.
LETTER IS NOT UTILIZED
:
1. Provide on the lender’s letterhead
2. Current date
3. Borrower name
4. Property address
5. A statement transferring the appraisal to LHFS
6. The “Transfer Letter” is to include the following statement:
a) (Transferring Lender’s Name) certifies that this appraisal was prepared in accordance
with, and meets all requirements of the Agencies’ Appraisal Independence Requirements
(AIR) and is in compliance with the Truth in Lending regulations.
7. The Transfer Letter is to be signed by an employee of the transferring lender that is not in
“Production” (i.e., Loan Officers, LO assistants, etc. are not eligible to sign the transfer letter)
8. The transferring lender, appraisal management company (AMC), appraiser selection, ordering
policy and process, and the appraiser comply with all FNMA Appraiser Independence
Requirements (AIRs), and Dodd Frank, and Consumer Protection Acts.
9. The transferring lenders name appears on the appraisal as the transferring lender/client.
10. The appraisal transferred is the only appraisal ordered by the lender for this transaction.
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PPRAISAL
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RANSFER
D
OCUMENTS AND
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EQUIREMENTS
:
• Appraisal is to be emailed in a suitable electronic format (first generation PDF) directly from the
lender to LHFS (LHFSWholesaleAppraisals@LHFSWholesale.com)
• The transferring lender’s “Certificate of Appraiser Independence” letter that was issued with the
original appraisal OR a “Transfer Letter” from the transferring Lender for all loan types
• Copy of SSR Report (FNMA/FHLMC Portal Results) MISMO XML format of full appraisal with
color photos.
• Appraisal fee will be disclosed on LE.
• If any modifications, corrections or material changes are required to the appraisal, the original
appraiser must cooperate. If the appraiser fails to cooperate with any requests, a new appraisal
must be obtained.
• The transferred appraisal (effective date) may not be more than 120 days old by the date of
closing the subject transaction. The following are not accepted:
o 1004D and “subject to” / Recertification of Value
• The transferred appraisal must be from the transferring lender.
o An appraisal transferred from one lender to another lender, then to LHFS is not
acceptable.