VA Lenders Handbook M26-7, Chapter 18, Topic 3 — Training and Initial Test Case Reviews

VA Lenders Handbook M26-7 Ch.18 Topic 3 — Training and Initial Test Case Reviews

3. Training and Initial Test Case Reviews a. Requirements Staff Appraisal Reviewers (SARs) with preliminary approval may not independently review liquidation appraisal reports and issue liquidation Notice of Values (NOVs), without the involvement of Department of Veterans Affairs (VA), until they receive final approval. To obtain final approval, the SAR must complete the following: • attend Servicer Appraisal Processing Program (SAPP) SAR training, and • successfully complete five initial test cases to demonstrate comprehension of VA liquidation appraisal review requirements to VA’s satisfaction. VA Central Office staff will provide SAPP SAR training at the request of the servicer and VA Regional Loan Center (RLC) staff will conduct the initial test case reviews. b. Test Case Procedures Upon completion of SAR training, SARs may begin submitting their test cases in The Appraisal System (TAS) for VA review. Only one test case should be pending at any time; SARs should not submit an additional test case until the results of a previously submitted test case are known. RLC staff will notify the SAR about the results of the review. The RLC staff performing the review of test cases must complete the liquidation appraisal review and issue the NOV within five workdays from the date the case is submitted by the SAR. The following table outlines the steps for processing SAPP SAR test cases. Please note that these are the same steps for processing any SAPP cases, except for the requirement of VA involvement. Step Description 1 SAR accesses the VA E-Appraisal application in the Veterans Information Portal (VIP or Portal) and retrieves a SAPP appraisal. (Only SAPP appraisals associated with the SAR’s company may be retrieved.) 2 SAR reviews the appraisal report for completeness and conformity with industry-accepted appraisal practices and techniques, and for compliance with applicable VA directives and general and liquidation appraisal requirements in chapter 11. The SAR must resolve any concerns with the appraiser. (Report any contact with the appraiser and the results in “Processing Notes” when issuing the NOV.) Continued on next page VA Pamphlet 26-7, Revised

Source: VA Lenders Handbook M26-7, Chapter 18, Topic 3 — Training and Initial Test Case Reviews · source URL · snapshot 34112e99016b0680