1 / 11

Valuation Officers Top 10

This article discusses the transfer process between lenders for valuation officers, as well as the certification requirements for lenders and appraisers. It covers topics such as paint issues involving lead-based paint, re-inspections, payment to appraisers, COE requirements, SAR responsibilities, contract changes, leased equipment, and general comments regarding communication and procedures.

jmeade
Download Presentation

Valuation Officers Top 10

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Valuation Officers Top 10 Kevin Eason VO, Denver RLC Ryan Nelson VO, St Paul RLC Marty Finlin VO, Cleveland RLC

  2. Case transfer between lenders New Chapter 10 section 26 Lenders are expected to cooperate. The Appraisal report and case number may be transferred. The NOV is NOT transferable. New Lender must issue a new NOV. Note: Some lenders may ask the appraiser to put the new lenders name on the report. VA does not require it. That becomes a BTB transaction outside of the VA.

  3. Lender Certify Repair inspections • New Chapter 10 section 23 • Lenders can NOT certify paint issues involving Lead-Based paint issues. • Section B: Lenders are encouraged to self-certify especially when it is licensed personnel doing the certification. However, • Sections C, D, E, F all refer to Appraiser certification. Appraisers are still preferred to certify. • Re-Inspection can be either on 1004D or the Appraisers Letter head.

  4. Payment to appraiser • New Chapter 10 section 25 • Lender certifies that it has collected fees for the purpose to pay the appraiser. • VA expects payment to take place no longer than 30-45 days. • VA may have lenders be on advance payment for future appraisals. • VA appraisers may NOT require advance payments.

  5. COE first then the appraisal. • New Chapter 10 section 1 • WebLGY will start hard stopping the order of Appraisers unless a COE has been requested. • This causes undue stress on the system and many canceled orders which appraisers are able to charge a fee. • NOTE: A system enhancement is coming preventing lenders to order appraisals prior to COE.

  6. SARs have the authority to ask appraisers for corrections. • New Chapter 13 section 2b, 3d, 3f • SAR’s are to Personally, review the appraisal report. • Determine that the appraiser used methodologies that were appropriate. • This is where you determine if the report is credible and worthy of belief. • If questions are not answered by the appraiser, the SAR should e-mail the RLC for assistance. • SAR’s are NOT to exert pressure or undue influence on the appraiser to: • Change information. • Reach a predetermined value

  7. Changes to contracts. • Chapter 10 section 3 • The full and executable contact must be up loaded and available to the appraiser. • Any delay in providing the contract will delay the appraiser in their duties. • If any changes to the contact that are made may result in a new appraisal.

  8. Leased equipment i.e. PV system. • New Chapter 12 section 24. • Leased systems must not have value attributed to them. • Leases that are pre-paid all the way through still do not have ownership • Owned Systems that have attributed value needs to be credible.

  9. General Comments • When emailing the RLC to withdraw a case, include the appraiser on the email. This saves us a step. • Reconsideration of Value (ROV) needs data that is relevant, logical, and sales need to compare to the property. • Don’t confuse an ROV with an appraiser complaint. • Before calling or emailing with questions, it is important to read the Lenders Handbook and recent circulars pertaining to the inquiry.

  10. General Comments cont. • Always provide the LIN number with all inquiries. • SARs should only stipulate for VA MPRs on the NOV and not lender requirements. • Appraisers can be timelier if the 1805 is completed correctly. • Veteran Point of Contact and number on Refi • Accurate POC for Lender with a phone number and e-mail

More Related