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VA REGIONAL LOAN CENTER Saint Paul, .VA REGIONAL LOAN CENTER Saint Paul, Minnesota Construction...

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  • VETERANS BENEF ITS ADMINISTRAT ION NOVEMBER 1 , 2012

    VA REGIONAL LOAN CENTER Saint Paul, Minnesota

    Construction & Valuation Fee Appraiser Guide

    INFORMATION FOR FEE APPRAISERS AND LENDERS STAFF APPRAISAL REVIEWERS

    Serving - Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska,

    North Dakota, South Dakota, and Wisconsin

  • i

    PREFACE

    Introduction:This FeeAppraisersHandbook is intended to supplement the appraisal requirementsandguidelinesprovidedintheLendersHandbook,VAPam267.WherethereareanyinconsistenciesbetweenthisFeeAppraisersHandbookandtheLendersHandbook,theSt.PaulVARegionalLoanCentershouldbecontactedforclarificationsandtheLendersHandbookwill be considered the controlling document. Appraisersmust be familiarwithChapters10through13ofthishandbook.TheVALendersHandbookisavailableonlineat

    http://www.warms.vba.va.gov/pam26_7.htmlInaddition,appraisersareencouragedtoperiodicallycheckthefollowingwebsitesforadditionalinformationandprogramupdatesas:

    http://benefits.va.gov/stpaul/AppraisersHome.asp

    http://www.benefits.va.gov/homeloans/new.asp

    StatementofVAExpectations:Inadditiontoqualityappraisalreportscompletedinatimelyfashion,theDepartmentofVeterans Affairs expects and requires the highest standards of professional conductfromitsFeePanelmembers.Thisincludescourtesy,appearance,andcustomerservice.Remember,thatintheeyesoftheclients(e.g.,Veterans,lenders,Realtors,andothers),yourepresentVA.Whilewerecognizeandrespectyourrighttoconductyourappraisalbusiness as you see fit, VA has the right and responsibility to ensure that the LoanGuarantyprogramisadministeredforthebenefitofourVeterans.

    Reminders:If the Veterans Information Portal is not operating, it is acceptable to email anappraisaltoalendertopreventadelayforaVeteran.Pleaseuploadtheappraisalwhenthe Portal is back in operation. Appraisals should not be emailed to VA unlessspecificallyrequestedbyVAstaff.

  • ii

    Whenitappearsthattheappraisedvaluewillbebelowthesalespricetheappraiserisrequired tonotify the lender,or theirPOC,anddocument theURARasdescribed indetailonpage17.AppraisersarerequiredtohaveanemailaddressforcommunicatingwithVAStaffandlenders.Pleasesendanemailtovaappraisal.stpaul@va.govwithanychangesinyouremailaddresssowecanupdateourdistributionlist.

    EAPPRAISALISNOWWebLGY:

    TheeappraisalfunctionshavebeenconsolidatedintoWebLGY(EAppraisalisnolongerinuse).WebLGYislocatedontheVeteransInformationPortal.TheInternetaddressis:http://vip.vba.va.gov.For helpwith user IDs or passwords, please email: VIP@vba.va.gov. The RegionalLoanCentersdonothavetheabilitytoassistwithpasswords.WhenanappraisalisrequestedonlineinWebLGY,theappraisalrequestwillbeemailedtotheassignedappraiser. WestronglyrecommendthatappraiserscheckWebLGYfornewassignmentsonadailybasis.All VA appraisals will be uploaded in WebLGY, which is located on the VeteransInformationPortalathttp://vip.vba.va.gov. Beforeuploadinganappraisal,appraisersmustbesurethe.pdffileisnamedwiththeVAcasenumber(i.e.,171761234567.pdf),notjust1234567.pdforanameassignedbyappraisalreportsoftware.AfteranappraisalhasbeenuploadedintoWebLGY,anyfutureuploadsunderthesamecasenumberandwillwriteovertheappraisalthatwasalreadyuploaded.Inordertoadd pages to an appraisal inWebLGY, the entire reportmust be uploadedwith theadditionalpages.TechnicalquestionsconcerningWebLGYwillbeemailedtoVIP@vba.va.gov.

  • iii

    TableofContentsPREFACE..............................................................................................................................................i

    TableofContents...............................................................................................................................iiiContactInformation...........................................................................................vi

    Chapter1:...........................................................................................................................................11.1TimelinessGuidelines..............................................................................................................11.2AppraiserContactInformation................................................................................................21.3AppraiserAvailability..............................................................................................................21.4MediaAccess..........................................................................................................................31.5Phone/FaxAvailability............................................................................................................3

    Chapter2:AppraiserConductandAllowableFees..............................................................................42.0GeneralConduct.....................................................................................................................42.1ConflictsofInterest.................................................................................................................42.2UseofAssociateAppraisers.....................................................................................................62.3ConfidentialityRequirements..................................................................................................62.4FeesandCollectionIssues.......................................................................................................7

    2.4.1FeeSchedule:...........................................................................................................72.4.2MileageFees:.........................................................................................................72.4.3PaymentPolicy:......................................................................................................8

    Chapter3:VAQualityControl.............................................................................................................93.1DeskandFieldReviewsofAppraisalReports..........................................................................93.2QualityControlandStandards.................................................................................................9

    3.2.1SubstantiveError:..........................................................................................................93.2.2NonSubstantiveErrors:...............................................................................................10

    3.3Complaints............................................................................................................................103.4SummaryofDeficienciesandAdministrativeAction..............................................................10

    3.4.1SummaryofDeficiencies:..103.4.2AdministrativeActions:.....................................................................................................113.5DisciplinaryDueProcess........................................................................................................11

    Chapter4:VeteransInformationPortal(VIP)&WebLGY...................................................................124.1Registration...........................................................................................................................124.2AppraisalPortlet...................................................................................................................124.3AssignmentProcedures.........................................................................................................134.4CreatingthePDFAppraisalReport........................................................................................134.5UploadingAppraisalReports.................................................................................................144.6VIPPortalProblems..............................................................................................................15

    Chapter5:Communication with LAPP Staff Appraisal Reviewers (SARs) .165.1TheRoleoftheLAPPStaffAppraiserReviewer(SAR)............................................................165.2ContactandCooperationwiththeLAPPSAR.........................................................................165.3TidewaterInitiative...............................................................................................................175.4LAPPReconsiderationsofValue............................................................................................175.5ServicerAppraisalProcessingProgramStaffAppraiserReviewer(SAPPSAR)........................17

  • iv

    Chapter6:VAAppraisalRequirements..............................................................................................186.1PropertiesNotEligibleForVAGuaranty&Appraisal.............................................................186.2USPAP...................................................................................................................................196.3ScopeVAAppraisalAssignments...........................................................................................196.5ApproachestoValue.............................................................................................................22

    6.5.1SalesComparisonApproach:........................................................................................226.5.2IncomeApproach:........................................................................................................246.5.3CostApproach:.............................................................................................................246.6USPAPGuidance.............................................................................................................25

    6.7MarketAnalysis..................................................................................................................2556.7.1MarketConditionsAddendumForm1004

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