Policy

After a notice of value is issued, the value estimate or any NOV condition or requirement may be changed if either

·   the change is clearly warranted and fully supported by real estate market or other valid information which would be considered adequate and reasonable by professional appraisal standards, or

·   the NOV’s issuance involved fraud, misrepresentation or substantial VA or LAPP lender administrative error and action is necessary to make the valuation consistent with the real estate market.

How to Request a Change

Any party of interest may request a change to a NOV.  For documentation purposes, every such request must be in writing.

The change request should be submitted to the lender.

Submission of Real Estate Market Data

Although there is no requirement that comparable sales or other real estate market information be submitted with a request for a change in value, such supporting information will greatly assist in reviewing the request.

Note:  A new VA appraisal must not be requested for any property which already has a valid NOV.  However, an additional appraisal not assigned by VA can be used to support a request for an increase in value, provided the veteran purchaser was not required to pay any portion of the cost of that additional appraisal.

Processing Change of NOV Request

Upon receipt of a request to change a notice of value, the lender will either:

·         Process the request per Section 13.04 (“LAPP-Issuing NOV at Other Than Appraiser’s Value Estimate”) or Section 13.06 (“NOV Item – Repairs”), if applicable, or

·         Forward the request to the VA-assigned appraiser if it involves a request for increase in the value estimate of more than five percent but less than 10 percent or otherwise needs fee appraiser involvement, (i.e. repairs/condition waivers) or.

·         Forward the request to the VA office of jurisdiction if it involves a request for increase in the value estimate of 10 percent or more or if it involves matters regarding appraiser’s performance.