VA Timeliness

[incognito]

I just got popped by VA for breaking a rule which is apparently published in the new 2011 manual. Of course, they have never informed me of the existence of this new manual or policy. It seems I completed an appraisal where the lender had not entered the full legal description on the 1805 or on the TAS. I guess this is a no-no! Go figure that...

Anyway, while reading the new manual, I came across this. What a Huge policy change from the old, VERY strict 5 day turnaround!!! Per the manual:


TIMELINESS
Timely service to veterans is a high priority of this office.
VA appraisal assignments must be completed just as quickly as appraisals for conventional loans are completed. This should not exceed ten business days for origination appraisals and five business days for liquidation appraisals, unless there are extenuating circumstances. Weekends and federal holidays are not business days.
Example: An origination appraisal ordered on the first Monday of the month. The appraisal should be completed and uploaded no later than the third Monday of the month (assuming no Federal Holidays fall in between).

TWO WEEKS are now allowed for the completion of a VA appraisal! Wow I like!

 

[LadybugLover]

VA is the BEST - DH has been on the panel since 1993 - never have any issues with VA appraisals - Wish every lender would follow VA's lead!

 

[Mike Garrett RAA]

Just figure 5 WORKING days and everyone will be happy!

 

[David Beasley]

Be careful. Unless that manual is for your region specifically, you could still get into trouble. We only have 7 & 5 days here in the Atlanta region (7 for originations/5 for LGI/SAP). And even that is a misnomer - Day 1 is the day you get the request, not the full 24 hour period (aka "day") after the receipt. So it's really only 6 & 4 here.

So be sure that the new manual (which I must go find now since I hadn't heard of its existence either) is actually THE RULES for YOUR REGION and not generic national guidelines that can be changed by the RLCs.

Edit: Couple of other things: According to how Atlanta counts "timeliness", your example is wrong. If you get 10 days, and get it on the 1st Monday, you only have until the 2nd Friday. That's 10 business days (M-F + M-F = 10). Like I said, Day 1 of your time has expired the instant you get the request.

Also, do you have a link to this "new" manual. It's not posted at the Portal that I can find. Still the same old book there. In fact, the latest change I found listed for the Lenders Handbook (our manual) occurred in October 2010 and didn't even involve appraisers. Thx.

 

[incognito]

you are correct, it is our SE Regional manual. It incorporates much of the national manual, 26-7.

Here is the national manual:

http://www.vba.VA.gov/ro/roanoke/rlc/forms/VA Pamphlet 26-7.PDF

It does not mention the new (or old) timeliness issues.

We used to be 5 working days for all. Now we have 10 business days for origination loans, and 5 for liquidation. They make this example:

If it is ordered on the first Monday of the month, it is due on the third Monday of the month.

I received the SE Regional manual in a PDF. I don't have a link, but if you (or anyone) PM's me, I will be glad to email it too you.

 

[TC]

Who do I have to kill to get on their list?

 

[Fritz in NY]

Hello fellow VA appraisers. We should be very proud that the VA had a foreclosure rate less than FHA/HUD or Conv. between 2008-2010. Why? We seem to be good at what we do! We are protecting our own government and or veterans in a way.
If you think about our VA fee's, I really think were earn our fee. Lower C&R fees maybe for lesser qualified appraisers, but the VA fee schedule seems to WORK and has proven in the marketplace that the talent onboard is right on with values, inspections & market knowledge. God Bless

 

[TC]

What's the average age of a VA appraiser? I should qualify.

 

[David Beasley]

Thanks incognito, but I don't really need the PDF. It doesn't apply to me/my region - just as I suspected. At least your RLC "gets it" when it comes to timeliness. 5-7 days is fine, if it REALLY WAS 5-7 days and we aren't getting in 3 requests a day at the time. Atlanta just has their interpretation of what a 'day' really is, and they impose that belief onto us. Count yourself as lucky that common sense rules in your region's HQ.

And I do like being on the VA panel, I just wish that common sense were allowed to be used in our guidelines on occasion, certainly when it comes to there actually being 24 hours in a day and not just the few seconds it takes to get an emailed request, at 6 PM usually. BUT, when that happens, and I come in the next day to work on it, I am already on Day 2. This is why my region would say not the 3rd Monday, but the 2nd Friday - by 4PM that Friday at that.

 

[imhere]

I wish that timeleness guideline was part of our RLC.