DEPARTMENT OF VETERANS AFFAIRS
Regional Office
PO Box 100023
Decatur GA 30031-7023
www.vba.va.gov/ro/atlanta/rlc
Regional Office
PO Box 100023
Decatur GA 30031-7023
www.vba.va.gov/ro/atlanta/rlc
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DEPARTMENT OF VETERANS AFFAIRS Regional Office PO Box 100023 Decatur GA 30031-7023 www.vba.va.gov/ro/atlanta/rlc |
| August 07, 2007 |
| In Reply Refer to: 316/261 | |||
| Loan Guaranty Bulletin 261-07-06 |
| To: | ALL VA FEE APPRAISERS AND LENDERS | ||
| Subj: | "ANY QUALIFIED VETERAN" as the Borrower on VA Appraisals |
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1. PURPOSE. The purpose of this circular is to advise program participants of a new policy for VA appraisal reports. 2. BACKGROUND. a. In the VA program, the appraisal report is used to document the appraiser's value determination of real property for qualified veterans. VA has received feedback that lenders sometimes need to delay loan closing to await a name change on an appraisal report. To help eliminate such unnecessary delays at loan closings, appraisers should input "Any Qualified Veteran," rather than the veteran's name, in the borrower field of the appraisal report. This change will also help to limit the disclosure of veterans' personal identifiable information. b. Historically, lenders have indicated that having the correct borrower's name on the appraisal report was necessary to sell the loan on the secondary market. VA has conferred with major purchasers of VA guaranteed loans on the secondary market. These major purchasers have reported that they are only concerned with the name on the guaranty and the mortgage note. VA also conferred with the Appraisal Foundation regarding Uniform Standards of Professional Appraisal Practice (USPAP) requirements. They concurred that VA would not violate USPAP by replacing the veteran's name with "Any Qualified Veteran." 3. New Fee Appraiser Requirement. Fee appraisers should insert "Any Qualified Veteran" in the borrower field on the appraisal report for all VA case assignments. 4. Related Policy. There is no change to the requestor procedures for ordering an appraisal report or case number. 5. RESCISSION: This circular is rescinded July 1, 2009.
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