Purpose of Review

Every appraisal made for VA purposes must be reviewed either by the lender’s VA-authorized staff appraisal reviewer (SAR) under the Lender Appraisal Processing Program (LAPP), or a VA staff appraiser in order to

·   confirm that the photographs accurately reflect the appraiser’s description of the subject and comparable properties

·   verify that the appraisal report is fully complete, clear and prepared according to industry-accepted appraisal techniques and VA instructions

·   determine that the appraiser's methodology is appropriate and that the appraiser's conclusions are consistent, sound, supportable, logical and based upon data in the appraisal report

·   determine, through use of reasonably available information, that the appraiser's value recommendation and other conclusions are consistent with those in similar cases recently processed

·   identify all property-related conditions and requirements that must be satisfactorily resolved before the property can become the security for a VA guaranteed loan, and

·   issue a notice of value.

Handbook References for Reviewing Appraisal Reports

The following references in this handbook provide additional information when reviewing appraisal reports.

·   Chapter 11

·   Section 13.02

·   Section 13.03

·   Section 13.04

·   Section 13.05

·   Section 13.06

·   Section 13.07, and

·   Section 13.08.