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Can a lender require an appraisal six weeks after a refinance closing?

The old loan had been paid in full and the first payment on the refinance has been mailed. According to the loan officer, they want to sell the loan and the potential buyer of the loan requires an appraisal, although an appraisal was not required initially. Must we comply with this request? by sandionne09982 from Carrollton, Georgia. Feb 4th 2018 Reply


If you have already closed on the new loan the mortgage company can not Really do anything... now they may want to.. but you probably dont have to let them. They may have made an error and are trying to fix it

Feb 4th 2018
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You are not obligated to perform this action legally under any circumstances. Mortgage loans are bought and sold constantly during the life of the loan. Certain buying institutions may require a appraisal "Not Your Problem" if the loan is closed. Always remember in order for a loan to close you must meet the requirements of close. That obligation has been met by you now the back end deals of selling a mortgage is not on you what so ever you are concerned with "who You are making your payment to" and also what are there payment terms like due on 1st and late by the 3rd find those details out. But to recap that issue does not concern you but who you will pay will hope this helps to bring you clarity.

Feb 4th 2018
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Thomas Dasta (lendfm)
#32 ranked lender in Georgia - 50 contributions

That doesnt sound accurate. You should not have to pay for an appraisal. i would suggest refinancing again with no closing costs to a reputable service. i can probably improve your rate with no closing costs. Tom@lendfm.com or 678-571-7433.

Feb 5th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

The short answer is yes.. One of the documents you signed when you closed was called a "compliance agreement".. you signed saying you would cooperate if the lender came back to you asking for additional documentation or conditions in order to sell the loan on the open market.. if you don't comply, then the lender could sue you for breach.. *(not good)... regardless, this appraisal would be at zero cost to you.. And if there are property deficiencies that need to be addressed, then unless the lender is willing to pay to correct them, you cannot be forced to fix them. My advice is to do as they ask,,, it will make everyone's life easier... I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Feb 5th 2018
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