Purpose
Attached is a copy of VA Pamphlet 26-7, Lender’s Handbook, Chapter 10, Appraisal Process, which has been revised in its entirety.
Changes
Chapter 10 has been revised to emphasize customer service, promote appraisal timeliness and reflect updates to VA systems. Key changes include:
Chapter 10, Topic 7 requires that appraisers make contact to schedule an appointment within two business days of receiving an assignment and place notes in WebLGY to inform the lender of any delays beyond the appraiser’s control.
Chapter 10, Topic 8 provides information about the opportunity the fee appraiser will give the requester to provide additional market data for consideration before completing the appraisal when it appears that the estimated market value will be below the sales price.
Chapter 10, Topic 17 requires that a post construction inspection be performed by the appraiser on proposed construction cases.
Chapter 10, Topic 27 provides information about appraisal processing in the event of a natural disaster.
This change is effective 90 days from the date of approval (June 9, 2019).
Additional Copies
Additional copies may be downloaded at https://benefits.va.gov/warms/pam26_7.asp.
Rescissions
Chapters 10-13 of the Lenders Handbook cover Construction and Valuation topics. All outstanding Circulars have been incorporated into the revised chapters. Once all four revised chapters are released, the outstanding Circulars will be rescinded.
Jeffrey F. London
Director, Loan Guaranty Service