FHA Appraisal ordered by Bank of America, got denied but approved by another lender now what?

Bank of America denied me for a FHA Loan, they did not collect any money from me up front and ordered a appraisal that was done on 2/10/08. They denied me on 2/11/08. I went to another lender and they added my spouse as a co-borrower and were approved for a FHA Loan. My new lender said something about Bank of America would have to release the FHA appraisal to them (the new lender) before our loan is finalized. He said we may have to pay Bank of America for it? The new lender approved us @ 6.00% for 30 years fixed. with 3%down. Will Bank of America release the appraisal to them, and are they required by FHA to release the appraisal? I head a FHA appraisal only came be down once in a certain period of time on the same residence.

FHA Appraisal ordered by Bank of America, got denied but approved by another lender now what?

As far as I know, whoever paid for the appraisal has the rights to it. Atleast here in Ca. They might be nice about it but I am not so sure. Are your new lenders going to try and get it from them or were you going to try? B of A isn't really the best to deal with for ANYTHING either. They might be nice, but I would expect to pay them between 200-500 bucks for that appraisal. Good luck.

FHA Appraisal ordered by Bank of America, got denied but approved by another lender now what?

Sounds like BOA did a drive by and not a true appraisal. On the norm it always took me at least 3 days to get the appraisal. You might as well plan on getting your own appraisal. The lender that approved you should have an appraiser they can contact.

FHA Appraisal ordered by Bank of America, got denied but approved by another lender now what?

Sorry to tell you but you have a few problems with getting the prior appraisal. The appraisal belongs to Bank of America and they do not have to release any information or the report. The report shows Bank of America as the client and the only person that can change that is the appraiser and he cant change the client name without a release letter from Bank of America. Bank of america is not going to pay for an appraisal for another lender to use for free. Even if you pay bank of america for the appraisal and they agree to release it USPAP states that for the appraiser to redue the appraisal, that makes it a new assigment and the appraiser can charge a new fee. The new lender will have to also get a new FHA case number assigned to the new lender and they cant get that unless bank of america releases the old case number.