Newsflash: My mortgage lender is refusing to release my home’s appraisal to another lender. Help!

Long story short, I went through a refinance application with one lender, had the appraisal done 2 weeks ago, and I’m getting ready to close.Rates just dropped significantly again with a different lender (about 0.4% lower than what I was about to close on with first lender).Loan officer at first lender is telling me that their manager said the appraisal could not be released to the 2nd lender, even though it was done 2 weeks ago, and even though that appraiser is on the second lender’s approved appraiser’s list. This means they are saying I have to pay $500 for the appraisal that was done, and now 2 weeks later need to pay the second lender another $500 to have possibly the same exact appraiser do it again.Something about this smells illegal, like there should be some kind of consumer protections in place to prevent it. Does anyone have any ideas?

Read more at https://www.reddit.com/r/RealEstate/comments/cqhrxr/my_mortgage_lender_is_refusing_to_release_my/?utm_source=ifttt

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