Indicate Further Guidance Regarding Bifurcated Appraisals to
Come
On August 9, the Veterans Administration (VA) issued interim
guidance regarding the implementation of the Blue Water Navy Vietnam Veterans
Act of 2019 (the “Act”), and specifically changes to the VA’s Home Loan
Guaranty Program. In the interim guidance, the VA addresses the provision of
the Act allowing for VA panel appraisers to perform bifurcated appraisals using
third party inspectors. Specifically, the VA states:
The Act amends 38 U.S.C. § 3731(b) by authorizing VA to
establish policies that enable VA-designated appraisers to rely on
third-parties for appraisal related information. VA Fee Panel appraisers are
not authorized to use third-party information before policy is established by
VA. Any VA Fee Panel appraiser found not personally reviewing the subject
property is in violation of VA policy and Uniform Standards of Professional
Appraisal Practice (USPAP) and may result in disciplinary action, including
removal from the panel. (Emphasis added)
Until the VA promulgates interim guidance on how VA Fee Panel
appraisers should proceed on third party inspection data, they should not use
third parties. Once ASA receives the interim guidance, we will provide
additional information.
To read the full interim guidance document, KEEP READING
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