Audience: Residential Mortgage Brokers in BC 

  1. Lender’s require a letter of transmittal in their name, which allows them to rely on an appraisal for mortgage financing purposes.

  2. If an appraisal does not work with a lender, the broker/client may request a letter of transmittal from the appraisal firm for another lender. 

  3. It is the appraisal firm’s decision to provide a transmittal letter or not, and here are some reasons a transmittal letter may not be granted: 

    1. The appraisal is dated and the market has changed 

    2. There is a conflict of interest with the appraiser / lender 

    3. The new lender has different appraisal guidelines (market rent, outbuildings excluded, 20% gross adjustment max for comparables, etc)

    4.  The appraiser is not on the lender’s approved appraiser list 

    5. The broker client wants to change from 1st to 2nd mortgage financing 

  4. An appraisal cannot have more than one lender mentioned in the appraisal report as that doubles the liability from the appraiser’s perspective. 

  5. A fee may be charged by the appraisal for each letter of transmittal to cover administration and appraisal review costs

  6. The contents of the appraisal cannot (should not)  be changed (1st to 2nd mortgage financing, new comparables, etc.) as the appraisal was completed at a certain date in time under certain terms of reference

If you would like to order a letter of transmittal on a completed file, please order one here https://www.adlawappraisals.com/letter-of-transmittal/

Let the team at Adlaw Appraisals assist you on your next appraisal, for mortgage, tax, separation, estate planning or other.

Real Estate Appraisers in Vancouver, Surrey and Kelowna

If you want to know a home’s value and are searching for a real estate appraiser in Vancouver, Surrey or Kelowna please contact us at Adlaw Appraisals Ltd.

We provide home appraisals for mortgage financing, market and listing, estate, tax, litigation, separation, and relocations.

Order an appraisal online or call us today at 604-809-8506 to learn more about our residential and commercial appraisal services.