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Topic 5. Changes in SAR’s Employment of Lender’s Status
June 28, 2010, Change 14
This section has been updated to add subsection lettering and to make minor grammatical edits.
a. SAR No Longer Employed or Performing SAR Work
The lender must promptly notify VA if the Staff Appraisal Reviewer is no longer employed or is no longer functioning as an SAR for the lender.
If either of these two apply, the SAR’s LAPP authority automatically ceases and the lender’s eligibility to participate in LAPP is terminated if that individual was the lender’s only SAR.
b. SAR Employed By New Lender
If the SAR begins work for a new lender, that lender must promptly submit to VA a new VA Form 26- 0785, Lenders Staff Appraisal Reviewer Application, and $100 processing fee.
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The lender may request a waiver of the training and case review requirements for that SAR by including a copy of VA’s notice that the SAR has satisfied those requirements and a statement that the SAR processed LAPP cases and issued NOVs within the last year.
c. Lender Changes
The lender must notify VA any time there is a
change in ownership,
merger, or
acquisition.
Reference: See Chapter 1, Section 9 for a description of the information VA needs from the lender to continue its LAPP authority.