Can BOA release my loan info to a different morgage company??

Asked by Claudia, West Covina, CA Thu Mar 24, 2011

BOA did release the appraisal!! But know we need a paper that only the appaiser of BOA can give us, saying that the AC conditons were waived. But they don't want to give it to us. What can we do???

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4
Matt Puzz, , Phoenix, AZ
Thu Mar 24, 2011
Did you pay for the appraisal? If you did not pay for the appraisal it is not yours.
Is the loan an FHA loan? An FHA appraisal goes with the property and can be transferred from borrower to borrower if they have an appraisal already completed that supports the value.

Find those answers out first.

Matt Puzz
Amerifirst Financial, Inc.
602-410-9333
Web Reference:  http://www.mattpuzz.com
1 vote
John Arendsen, Agent, Leucadia, CA
Thu Mar 24, 2011
Are you in the midst of a sales transaction? If so, perhaps you might consider your own appraisal and forget about trying to cage fight for BofA's. That will lead to no where if they own it. Truth be known it's a known fact that the big banks own the big appraisal networks so you might be better off stepping up and paying for your own.
0 votes
Trinidad Gae…, Agent, Diamond Bar, CA
Thu Mar 24, 2011
Hello Claudia,

Appraisals are ordered through a third party company now due to new regulations. What you need to do is to find out who the Bank of America used as the third party company and request your new lender to submit a new appraisal order and reference current appraisal report and along with any changes that need to be addressed. The cost for this can very depending on appraiser hired to do the job. A standard price range for such changes should be within 150- 250.

Hope that helps and if you need additional assistance I can be reached at 626-552-8637.
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Thu Mar 24, 2011
Claudia,

I'm not sure there can be any release of information here and regarding the appraisal. Typically your new mortgage company will need a new appraisal due to the Home Valuation Code of Conduct.

Perhaps I am not fully understanding your question, however, so let me know if I can help further.

Thank you,

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes
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