VA revisions after NOV issued

[KYLECODY]

One of the nice things about the VA is we don't get the constant back and forth days later to dot an i or cross a t or add silly commentary to check some box. When I went through "orientation" years ago we were told the VA doesn't want/require nitpicky things asked for by the lenders after an NOV has been issued unless it will change value. They don't want to slow down the process for veterans by having the lender playing power struggle over a one sentence comment. The VA is a different animal than FNMA/FHA loans thankfully.


Dealing with one the past week where the HOA fees were listed as $88 in my report and they want this "corrected" to $91... So nitpicky stuff, makes no difference in value or the quality of the report. Too petty to even type this over. After politely telling them these changes aren't required Im now on email 5 from them with the little rep leaving vm's too. Ill send it just cause its not worth it.

So instead of jumping up and down saying Im right and theyre wrong are other VA panel appraisers on the same page as this? That no revisions are required after an NOV is issued. If so is there something in writing in the manual I missed stating this that I can reference for goofy requests like this? The SAR should know better, unclear if they're new.

Unless you're on the panel, save your commentary. Different rules/game.

 

[LarryJewell]

Some battles are not worth fighting, if its something simple, I'll go ahead and change it. I'm going around with one right now where the NOV indicates the lender is to clear the repairs, but the lender is emailing me wanting me to do a final. I am pushing back since the repairs were completed by a licensed electrician and can be cleared by the lender with the paid receipt.

 

[Tiffany Gibbons]

Some battles are not worth fighting, if its something simple, I'll go ahead and change it. I'm going around with one right now where the NOV indicates the lender is to clear the repairs, but the lender is emailing me wanting me to do a final. I am pushing back since the repairs were completed by a licensed electrician and can be cleared by the lender with the paid receipt.

I would just do the final and also make them send me the receipt for my file since I'm not a licensed electrician on this one. Sometimes the SAR/underwriter gets overruled in the process prior to closing and the Veteran can also request it be verified through VA.

 

[Zoe]

One of the nice things about the VA is we don't get the constant back and forth days later to dot an i or cross a t or add silly commentary to check some box. When I went through "orientation" years ago we were told the VA doesn't want/require nitpicky things asked for by the lenders after an NOV has been issued unless it will change value. They don't want to slow down the process for veterans by having the lender playing power struggle over a one sentence comment. The VA is a different animal than FNMA/FHA loans thankfully.


Dealing with one the past week where the HOA fees were listed as $88 in my report and they want this "corrected" to $91... So nitpicky stuff, makes no difference in value or the quality of the report. Too petty to even type this over. After politely telling them these changes aren't required Im now on email 5 from them with the little rep leaving vm's too. Ill send it just cause its not worth it.

So instead of jumping up and down saying Im right and theyre wrong are other VA panel appraisers on the same page as this? That no revisions are required after an NOV is issued. If so is there something in writing in the manual I missed stating this that I can reference for goofy requests like this? The SAR should know better, unclear if they're new.

Unless you're on the panel, save your commentary. Different rules/game.

You need to make sure the SAR or someone from RLC requests the change since the NOV has been issued. I am not kidding.

You really can't change anything period without SAR or RLC requesting it, especially after NOV is issued.

If you say I screwed up and need to change something, the SAR or RLC have to approve it before you submit revised report.

That keeps you clean in the portal. You need to add your own notes as well to clarify revision. Clarifying it is a revision keeps you clean with USPAP also.

 

[Jerry Bone Jr]

One of the nice things about the VA is we don't get the constant back and forth days later to dot an i or cross a t or add silly commentary to check some box. When I went through "orientation" years ago we were told the VA doesn't want/require nitpicky things asked for by the lenders after an NOV has been issued unless it will change value. They don't want to slow down the process for veterans by having the lender playing power struggle over a one sentence comment. The VA is a different animal than FNMA/FHA loans thankfully.


Dealing with one the past week where the HOA fees were listed as $88 in my report and they want this "corrected" to $91... So nitpicky stuff, makes no difference in value or the quality of the report. Too petty to even type this over. After politely telling them these changes aren't required Im now on email 5 from them with the little rep leaving vm's too. Ill send it just cause its not worth it.

So instead of jumping up and down saying Im right and theyre wrong are other VA panel appraisers on the same page as this? That no revisions are required after an NOV is issued. If so is there something in writing in the manual I missed stating this that I can reference for goofy requests like this? The SAR should know better, unclear if they're new.

Unless you're on the panel, save your commentary. Different rules/game.

There is nothing in VA Pam 26-7 that prohibits a correction after the NOV has been issued.

 

[Zoe]

There is nothing in VA Pam 26-7 that prohibits a correction after the NOV has been issued.

I agree 100% and most likely the SAR will email back or RLC and say go ahead and do the revision. Update the portal. They will say put bold Revision at top of report line, Not where VA case # goes and put comments in report why revision was made. I put revision comments in additional comments section above cost approach section. I copy and paste on portal and resubmit.

I put " Revision" in bold letters on top line of 1004. I put Revision comments in bold letters above cost approach section of FNMA form.

They sent out a circular not too long ago on this topic. I think the portal now blocks some revised reports without approval from RLC or SAR.

It just keeps everything above water and everybody clean in the process. Don't let loan processor or loan officer ask for revision. However, in Op's case, I would just make sure SAR or RLC said go ahead and do revision.

Have to remember that 1st report is already gone. Make sure new signature date. Same effective date on appraisal.

You don't know if borrower or homeowner already has copy of original appraisal or what they have been told by lender. Just keep it clean.

Have to remember underwritining sometimes goes through a SAR and sometimes it goes through the RLC.

You can discuss confidential information with a SAR or the RLC. Those are only people you can discuss confidential information with.