VA Lenders Handbook (VA Pamphlet 26-7), Chapter 10, Topic 2 — Ordering an Appraisal

VA Pamphlet 26-7, Chapter 10 (Appraisal Process), Topic 2 — Ordering an Appraisal

Effective 2019-03-11 · publisher's stamp for this provision

Topic 2. Ordering an Appraisal Change Date: March 11, 2019 This chapter has been revised in its entirety. a. Appraisals Requested in WebLGY Lenders and servicers, as well as their authorized agents, may request appraisals in WebLGY, through the Veterans Information Portal (VIP). Detailed steps for placing an appraisal order are listed in Exhibit 1 at the end of this chapter. Lenders must ensure that agents requesting appraisals on their behalf are familiar with the requirements in this chapter. b. Access to WebLGY Requesters must obtain a "User Name" and "Password" for VIP at: https://vip.vba.va.gov. Users who are already registered may use the "Lost User Name" and "Lost Password" links on this page. Users must never share their password. c. Privacy and Security Procedures All users of VIP must protect the sensitive information contained in this system from unauthorized access. All VIP users must abide by the Privacy and Security procedures listed at: https://vip.vba.va.gov/portal/userprofiling/html/registration/privacy_security.html. d. Appraisal Fee Payment Certification When an appraisal is ordered, the requester must certify that: On receipt of "Notice of Value" or upon advice from the Department of Veterans Affairs that a "Notice of Value" will not be issued, we agree to forward to the appraiser the approved fee which we are holding for this purpose. e. Legal Description For all appraisal types, if the legal description is lengthy and does not fit in the legal description block on the appraisal request, a copy of the complete legal description should be uploaded into WebLGY the same day the request is made. In order to avoid delays on appraisals, the appraiser may determine if sufficient information is provided to identify the property and proceed with the appraisal. f. Sales Contract and Exhibits If the Veteran is purchasing a home, the requester must upload a copy of the executed sales contract into WebLGY (see Topic 3 of this chapter). In addition, for proposed and under construction properties, construction exhibits must also be uploaded into WebLGY. These documents should be uploaded the same day the request is made. If these exhibits are of a size that is too large for uploading, the exhibits must be sent to the appraiser by overnight delivery. g. Appraiser Assignment Questions For questions related to the assignment of a fee appraiser, the Regional Loan Center (RLC) of jurisdiction should be contacted. RLC contact information is available at http://www.benefits.va.gov/HOMELOANS/contact_rlc_info.asp or http://www.benefits.va.gov/HOMELOANS/contact_cv.asp. h. Technical Questions For technical questions concerning VIP or WebLGY, the VIP Help Desk may be contacted by email at vip@vba.va.gov.

Source: VA Pamphlet 26-7, Chapter 10 (Appraisal Process), Topic 2 — Ordering an Appraisal · source URL · snapshot 5b740cecba3e0d5a