|
I had applied for a VA Home Loan through Castle Peak Mortgage and after finding a better loan, requested that Castle Peak Mortgage ( former lender ) transfer the appraisal request of my new property to my current lender XXXX XXXX Upon the request Castle Peak insisted I pay for the appraisal before initialing the transfer. Castle Peak had not prepaid for the appraisal and it it not required that the appraisal be paid for before transferring. I was informed this was a company policy.
I would like to point out that in accordance with Lenders Handbook VA Pamphlet 26-7, Revised Chapter 10 : Appraisal Process, Request from the Veteran to Change Lenders, Lender Responsibilities states : Lenders are expected to cooperate when a Veteran decides to change lenders. The lender who ordered the appraisal must transfer the case to the new lender when requested by the Veteran in writing ( including email ). An appraisal report and case number XXXX be transferred to another XXXX lender in XXXX XXXX XXXX XXXX of the original lender. The new lender should provide to the Veteran, their email address, phone number, and VA Lender ID number to be included in the Veterans letter to the original lender.
To my knowledge Castle Peak has not responded to my request to transfer the appraisal. Additionally their refusal to cooperate with me XXXX extend my closing date and place my home purchase and jeopardize my current loan rate.
|