Page 239
Topic 1. Appraisal Process Summary
March 11, 2019
Page 240
This chapter has been revised in its entirety.
a. Purpose
Appraisals are performed to protect the interests of Veterans, lenders, servicers and VA.
b. Appraisals Requested Online
Authorized requesters may order appraisals online in WebLGY only after a Certificate of Eligibility
(COE) has been requested. In most cases, VA will automatically assign an appraiser on VA’s fee appraiser panel to perform the appraisal.
c. Appraisal Guidelines
The fee appraiser will estimate the market value of the property in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) and VA appraisal guidelines. The appraiser will note any readily apparent repairs needed for the property to meet VA’s Minimum Property Requirements (MPRs).
d. Appraisal Review
The completed appraisal report will be uploaded into WebLGY and electronically scored by VA’s Appraisal Management System (AMS). A Staff Appraisal Reviewer (SAR) employed by a lender or servicer, or VA staff, will review the appraisal and issue a Notice of Value (NOV) to the Veteran.
e. Oversight
VA staff performs oversight by conducting desk and field reviews of completed appraisals and NOVs.