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What if I don’t like my lender’s appraiser?

Borrower gets surprise in attempt to remove mortgage insurance

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

DEAR BOB: Can a mortgage lender force me to use a specific appraiser when I am in the process of removing my PMI (private mortgage insurance)? --Dave W. DEAR DAVE: Yes. However, if you don't like the appraiser's evaluation of your home's fair market value, you can hire your own licensed appraiser and then contest the lender's appraisal result. Purchase Bob Bruss reports online. Whether you are removing PMI or obtaining a new mortgage, the mortgage lender always selects the licensed appraiser. However, as a borrower I've often been asked by mortgage lenders if I have a preference for a specific appraiser. Usually, I don't. I suggest you speak up if you have a preference for a specific appraiser or you feel the appraiser selected by the lender is incompetent. However, please be aware many mortgage companies now hire appraisers through major nationwide appraisal management firms at negotiated fees. A "POUR-OVER WILL" SOMETIMES MUST BE PROBATED DEAR BOB: In recent article...