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 Lender Appraisal Program (LAPP) is a program available to lenders that have met specific requirements. Using a LAPP lender can be very convenient. 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) to review several different property types before approving the appraisal.
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 guidelines, the SAR will send written notice to the buyer on the loan’s conditions and requirements.
The SAR must meet specific requirements. The SAR must:
The interested candidate will need to apply by completing a LAPP application, where it will be sent to the local VA Regional Office.
Four property types are considered and reviewed by a SAR:
The proposed construction is the construction that has not yet commenced. Some standards must be met for this to be considered proposed construction:
After the first inspection phase reaches completion, the property is then “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 (except for customer preferences) and is within a 12-month period, the property is classified as new construction.
After the property is in the completion stage for over a year or has been occupied by the owner, it is classified as existing construction.