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Topic 1. Appraisal Reports
February 22, 2019
This Chapter has been revised in its entirety.
a. USPAP and VA Requirements
The appraiser assigned by VA must prepare the appraisal report in accordance with Uniform Standards of Professional Appraisal Practice (USPAP), the specific VA requirements outlined in this handbook, and in circulars periodically issued when program changes arise.
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b. Appraisers Trained by VA
Appraisers who have been appointed to VA’s fee appraiser panel have been trained on VA appraisal requirements. Lenders may rely on VA fee panel appraisers to have performed the appraisal in accordance with VA guidelines without the need for additional statements or certifications.
c. SAR Responsibilities
Lenders’ Staff Appraisal Reviewers (SARs) who are reviewing appraisal reports must be familiar with residential appraisal principles and VA’s specific requirements for appraisal reports.