Appraisal Request Letter
A bank “Assignee” may occasionally request the assignment of a real estate appraisal as part of loan evaluation and/or loan underwriting. The assigning bank “Assignor” may have changed underwriting standards, issued a loan denial or is unable to underwrite the loan for a different reason. There are two standard forms to use, a form request and a letter request. Which document to use depends on the comfort level of the requestor.
This document is the letter request and should included the following two items in addition to the required descriptive terms:
- The appraisal being transferred has been ordered under the current Appraiser Independence Requirement (AIR) guidelines and is in accordance with all regulations applying to the AIR; and
- The transferred appraisal will not be more than 120 days old by the date of closing the subject transaction.
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