Appraisal process for mortgage

Asked by Sylvia, West Orange, NJ Tue Apr 12, 2011

Appraisals done for mortgage purposes- Is it an independent company that does it for the bank or is there a department within the bank that performs the appraisal?

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Lindsey Puck…, Agent, Stuart, VA
Tue Apr 12, 2011
Each lender operates differently and depending on which loan program you qualify for. Any government loan (FHA, VHDA, etc.) uses an appraiser who is certified for these types of loans. These appraisers work by tougher guidelines. In general most lenders use independent appraisers who are not affiliated with the lender.

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Scott Godzyk, Agent, Manchester, NH
Tue Apr 12, 2011
Sylvia the bankgiving you a mortgage has to hire an independant appraisal company to complete the appraisal. they can not complete it in-house for a purchase if it is a fnma, freddie, fha, va, or pmi insured loan. you can simply ask your loan officer to explain teh process to you and who they use.

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