|
Application for Lender Appraisal Processing (LAPP)
Application Procedure
To receive LAPP authority, the lender must submit the processing fee and all of the identifying information, statements and certifications shown in Exhibit 1, of Chapter 15 of the Lenders Handbook. It must be submitted to the VA regional office with jurisdiction where the lender's SAR is located.
Lender Eligibility
Only supervised lenders and non supervised lenders who have been approved for the automatic authority by Central Office (262a) are eligible to apply for LAPP participation.
Lender Staff Appraisal Reviewers Qualification Requirements
To be eligible to participate in LAPP, the lender's staff appraisal reviewer must be a full-time employee of the lender and must have at least 3 years of experience of a type which qualifies him/her to competently perform administrative appraisal reviews in conjunction with underwriting loans for VA loan guaranty purposes.
Applicants with at least 3 years of experience related to the Department of Housing and Urban Development (HUD) Direct Endorsement program are considered qualified for LAPP participation, provided all other application requirements are satisfied.
Location
There is no restriction on the location od a lender's SAR
Processing Fee
Lenders requesting LAPP authority are required to pay a one-time processing fee of $100 for each staff appraisal reviewer (SAR). This fee is to be submitted with the application. The fee is non refundable, even if the SAR is found to be unacceptable.
Lender Quality Control System
To participate in LAPP, the lender must have an effective quality control (QC) or comparable system to ensure the adequacy and quality of its staff appraisal reviews. This QC must be independent of the lender's loan production operation.
|
