Friday, August 16, 2019

VA Issues Interim Guidance Regarding Blue Water Navy Vietnam Veterans Act of 2019

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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