Importance of VA Value Estimate

Accurate value estimates based on proper appraisal reviews are essential to the viability of the VA Loan Guaranty program and have a direct effect on the interests of the Government, veterans and lenders.

Rely Only on Notice of Value

Since appraisal reports are subject to change upon review, lenders and holders should rely only upon a VA notice of value issued by the appraisal reviewer.

Issuing a Notice of Value

The table below describes the steps to follow when issuing a Notice of Value.

Steps

Description

Refer to

1

Confirm eligibility of property for appraisal and LAPP processing.

·   Chapter 10, and

·   Section 15.09.

2

Review the appraisal report.

·   Section 13.01, and

·   Chapter 11.

3

Resolve any appraisal-related problems.

Section 13.02.

4

Document the appraisal review.

Section 13.02.

5

Prepare the Notice of Value.

·   Section 13.04

·   Section 13.05

·   Section 13.06, and

·   Section 12.08.

6

Distribute the Notice of Value.

Section 13.07.