Previously issued appraisal requirements for single-family loans that are guaranteed by the Department of Veterans Affairs have been extended by two years.
Back in June 2015, VA issued Circular 26-15-12 outlining new requirements for Lender Appraisal Processing Program and Servicer Appraisal Processing Program staff reviewers.
At the time, the department unveiled its
automated appraisal management service for use in enhancing the appraisal review process prior to issuance of the Notice of Value.
The automated service was enabled through an arrangement with CoreLogic Inc.
The circular indicated that
it would automatically be rescinded on July 1, 2017.
But on
Friday, the agency issued Circular 26-15-12 indicating that the rescission date would be extended until July 1, 2019.
“The purpose of this circular is to extend the rescission date of the basic circular so that stations continue to provide guidance on the VA’s position as it relates to these procedures,” the notice stated.
