SAR are not Appraisers

VA does not consider the lender's staff appraisal reviewer (SAR) to be acting as an “appraiser” when reviewing appraisal reports, or taking on the responsibility of a “cosigner” or a “supervisory appraiser.”  Except for the certification described below, the SAR should not sign, initial or make any comments or adjustments anywhere on the appraisal report.

SAR’s Responsibility

The SAR must

·   circle the fee appraiser's market value estimate

·   sign and date any SAR comments or other documentation relative to the appraisal review and attach that material to the appraisal report, and

·   complete the SAR certification.

SAR Certification Placement

The certification must be either

·   stamped on the appraisal report in the “cost approach” or “reconciliation” block in a manner which least obscures other information, or

·   attached as a separate sheet which also includes the VA case number and property address.

SAR Certification Wording

The certification must be signed, dated and read, “I reviewed this appraisal report to determine the acceptability of the property for VA Loan Guaranty purposes in light of VA minimum property requirements and the appropriateness, completeness, consistency and accuracy of the fee appraiser’s reasonable value determination.  In completing this administrative review, I’m performing a due diligence function and not acting as, or taking the responsibility of, a cosigner of the report or supervisory appraiser.  Any disagreements or comments, etc., resulting from the administrative review of this appraisal are fully explained on the attachment to this report.

This box [  ] is checked if there were none.

______________________________                  ______________               _______”

                            Signature                                           LAPP ID. No.                        Date