Yes, so long as:

• The appraiser is engaged directly by the institution transferring the appraisal;
   
• The appraiser has no direct or indirect interest in the property or transaction;
   
• The existing appraisal or evaluation remains valid; and
   
• The credit union determines the appraisal conforms to the NCUA Part 722, appraisal regulation, and any inter-agency guidelines (for example, Letter No. 05-CU-06), and is otherwise appropriate.

Credit unions must perform more thorough reviews when accepting appraisals from non-regulated institutions to verify the appraisals comply with Part 722 and have sufficient information to support the lending decisions.

In addition, credit unions should determine whether appropriate documentation is available to confirm that the institution (not the borrower) ordered the appraisal.

Source: Credit Union Magazine, April 2008, Compliance Q & A