Appraiser’s Role

When a fee appraiser receives a request from a lender regarding a change in a notice of value, the fee appraiser will

·   record on the request the date that it was received (for VA timeliness calculation purposes)

·   review the request and any supporting documentation

·   prepare a written recommendation, with justification that would be considered adequate and reasonable by professional appraisal standards, and

Note:  In most cases, this will include a sales comparison analysis grid or similar analysis.

·   forward the recommendation and all related documentation to either the

-   lender, if the case is being processed under LAPP and an increase in value of not more than 5 percent is justified, or

-   VA office of jurisdiction, in all other cases.

Note:  The appraiser may charge a reasonable fee (not to exceed that allowed by VA) if  the market data necessary to reconsider the value estimate was not available at the time of the appraisal. 

VA’s Role

Upon receipt of either a request from a lender to change a notice of value or a fee appraiser’s recommendation regarding a change to a notice of value, VA staff will:

·   review the material received,

·   contact the fee appraiser, if necessary, and otherwise determine if the requested change is justified, and

·   notify the lender of VA’s decision.