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Mortgage Research Center — NMLS #1907
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The Lender Appraisal Program (LAPP) is a program available to lenders that have met specific requirements. A lender must be approved by the Central Office. By using an LAPP lender, a VA assigned appraiser can actually close the applicant's loan, allowing for the loan process to be expedited.
The program requires Staff Appraisal Reviewers (SARS) for the review of different property types.
The SAR is the person that will receive an appraisal for review. When reviewing an appraisal, the SAR will make different assessments:
After assessing if the appraisal meets the appropriate requirements, the SAR will send written notice to the buyer on conditions and requirements for the loan.
It is important that the SAR meet specific requirements. An SAR must be a full time, salaried employee of the lender. He or she will have 3 or more years of experience in appraisal reviewing. He or she will apply to become a SAR, and if approved, complete specific training for this position.
The interested candidate will need to apply by completing an LAPP application. The application will then be submitted to the local VA Regional Office. There is also an application fee. Further details can be read in Chapter 15 of the VA Lender's Handbook.
There are four property types that are considered and reviewed by an SAR:
Proposed construction is construction that has not yet commenced. There are standards that must be met for this to be considered proposed construction:
After the first inspection phase has been completed, property is considered under construction. This classification also applies to those properties that had previously met the exception standards under the previously mentioned three compliance inspection section.
Once construction is complete or mostly complete (with the exception of customer preferences) and is within a 12-month period, the property is classified as new construction.
After property is in the completion stage for over a year, and/or has been occupied by the owner, the property is classified as existing construction.
See a related article: Purchase Agreement Information
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