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Department of Veterans Affairs Circular 26-20-14

Department of Veterans Affairs Circular 26-20-14

4/13/2020
New Appraisal Review Requirements and Instructions Regarding Department ofVeterans Affairs Appraisal Management Service for the Lender Appraisal Processing Program and the Servicer Appraisal Processing Program Staff Appraisal Reviewers. Read the full circular here
 
From the circular, "The purpose of this Circular is to announce the Department of Veterans Affairs (VA) new automated Appraisal Management Service (AMS) for use in enhancing the appraisal review process prior to issuance of the Notice of Value (NOV). AMS will provide Lender Appraisal Processing Program (LAPP) and Servicer Appraisal Processing Program (SAPP) Staff Appraisal Reviewers (SARs) assistance in quickly assessing appraisal risk for property eligibility, VA policy compliance violation, over/under-valuation, and appraisal qualityissues."

"VA will continue to require that all VA appraisal reports are uploaded into WebLGY in Mortgage Industry Standards Maintenance Organization (MISMO) compliant Extensible Markup Language (XML) file format including an embedded portable document format (PDF) file."
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