Sap, Lgi, Lapp

[liznindy]

I am assigned a VA appraisal in which SAP is by the case number. I am familiar with LGI (liquidation purposes) and LAPP (typical refi or purchase transaction)...but what does it mean when SAP is on the notice of request for VA appraisal?

I have a letter from an attorney which states the property is in foreclosure (I typically get these with the LGI report requests).

Is the SAP the same as LGI, requiring the VA Liquidation Addendum?

 

[Ms. Janet]

New VA Case Type

There has been a significant change to the liquidation side of our program. As a result some liquidation cases are being ordered under case type SAP. The SAP program is similar to the LAP program. An employee of the servicer will be trained to review VA appraisals and will handle the initial review of the cases. VA will only perform a quality review. This program is being gradually rolled-out so you will begin seeing more and more SAP cases. For your information the following is a definition of all VA case types:
IND – Origination case reviewed by VA staff
LAP – Origination case reviewed by lender staff (SAR)
LGI – Liquidation case reviewed by VA staff
LPL – Liquidation case reviewed by VA National Portfolio Servicer (Countrywide)
SAP – Liquidation case reviewed by servicer staff (SAP SAR)

2/08 Newsletter

 

[liznindy]

Thank you, Janet.