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7.2 Acceptability of Subsequent Appraisals
A Client must not order, obtain, use, or pay for a second or subsequent appraisal in connection with a mortgage financing transaction unless
  • there is a reasonable basis to believe that the initial appraisal was flawed or tainted, and...

Resources > FAQ > CHAPTER-7-APPRAISAL-REQUIREMEN-TS > 7-2-Acceptability-of-Subsequent-Appraisals

7.3 Borrower Receipt of Appraisal
The Client shall ensure that the borrower is provided a copy of any appraisal report concerning the subject property promptly upon completion at no additional cost to the borrower, and in any event no less than three days prior to the closing of the...
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Resources > FAQ > CHAPTER-7-APPRAISAL-REQUIREMEN-TS > 7-3-Borrower-Receipt-of-Appraisal

7.4 Appraiser Engagement
The Client or any third party specifically authorized by the Client (including, but not limited to appraisal companies, appraisal management companies, and correspondent lenders) shall be responsible for selecting, retaining, and providing for...

Resources > FAQ > CHAPTER-7-APPRAISAL-REQUIREMEN-TS > 7-4-Appraiser-Engagement

7.5 Use of Appraisal Reports by In House Appraisers or Affiliated Appraisers
In underwriting a mortgage, the Client may use an appraisal report prepared by an appraiser employed by:
  • The Client
  • An affiliate of the Client
  • An entity that is owned, in whole or in part, by the...

Resources > FAQ > CHAPTER-7-APPRAISAL-REQUIREMEN-TS > 7-5-Use-of-Appraisal-Reports-by-In-House-Appraiser

7.6 Transfer of Appraisals
PHH does accept loans where the appraisal was transferred from another lender provided the file includes the following:
  • First generation appraisal.
  • Successful FNMA and FHLMC Submission Summary Report...

Resources > FAQ > CHAPTER-7-APPRAISAL-REQUIREMEN-TS > 7-6-Transfer-of-Appraisals