The Veterans Administration has announced new authority for review of liquidation appraisals. With the release of Circular 26-08-1 on February 5, the VA added a new section, "Servicer Appraisal Processing Program (SAPP)," to Title 38 of the Code of Federal Regulations, which establishes authority for VA to delegate to a servicer the review of a liquidation appraisal and the determination of reasonable value.
On February 1, the VA published extensive changes to CFR Part 36, which the circular clarifies. Other changes outlined in the circular, include new limits on allowable attorney fees and the establishment of a time limit on the submission of claims under loan guaranty.
Details for the processing will be provided in the near future as part of the VA Loan Guaranty Web site www.homeloans.va.gov. For a complete copy of the new regulations, visit www.homeloans.va.gov/valeri.htm. Questions about this circular may be directed to Carl Wasson at carl.wasson@va.gov.
The circular is rescinded April 1, 2010.
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