Just got a request from a lender to do a streamline refi on a condo. I explain I am not on the VA Panel. She says it's OK as long as I include a copy of the CC&R's. This is a new one for me. Did VA change something?
VA does not require an appraisal or a credit report on a streamline refi, although the lender may choose to do one or both.
The appraisal would be solely for the lender's benefit and could be done by any appraiser and would not prevent them from getting their loan guaranteed if done by a non-VA panel appraiser since it is not a part of their package submission to VA.
VA's idea of a streamline refi is one that takes only 120 days.
1) The lender can get the veteran's Certificate of Eligibility on-line.
2) Almost 100% of lenders underwrite the credit portion of the loan.
3) All lenders order their own case numbers and appraisals on-line and "most" (80%+) lenders are LAPP approved and their employees review the appraisal and issue the Notice of Value.
(Don't forget - #2 and #3 are not requirements on streamline refi's.)
Not sure where you were coming from with that comment, but in MOST cases the VA offices does not see one piece of paperwork on the file until it has closed and is sent in for guaranty. (Currently, that is less than 10 sheets of paper.)
If your local lenders are taking 120 days for a VA-streamline, you must indeed be in a very active market and all types of loans take 6 times the nationwide average.
(Or you are not a VA-approved appraiser and are unaware of the current system - or just extremely critical of it for that same reason.)