Other Reference Materials

The appraisal reviewer must maintain up-to-date

·   copies of this handbook and all other VA-issued directives and other reference material pertaining to the Loan Guaranty program.

·    

·   For LAPP lenders, this includes the material issued by VA field stations having jurisdiction over each area where the lender originates LAPP loans

·    

·   applicable Federal statutes and VA regulations

·   “Uniform Standards of Professional Appraisal Practice,” published by The Appraisal Foundation (www.appraisalfoundation.org), and

·   real estate market sales data (to be used for comparative purposes).

Additional material is recommended:

·   Any publications providing instructions for completing the Uniform Residential Appraisal Report (URAR).  In the event of a conflict between VA and private source material, however, the VA-issued material must be considered controlling.

·   Other current reference materials regarding major real estate market conditions and trends.  This includes weekend subscriptions to major newspapers, which typically have expanded real estate sections; industry-related newsletters; publications which provide analyses and forecasts of various housing and mortgage trends and relevant statistical data.

Real Estate Market Familiarity

Although VA has no requirement that appraisal reviewers visit the geographic areas where appraised properties are located, they should keep up-to-date on major real estate market conditions and trends, in order to properly analyze the location-related information contained in appraisal reports.