Understanding the VA Loan appraisal process

The appraisers main job is to assess:
Fair market value
Compliance with Minimum Property Requirements

The VA Appraisal Timeline

VA appraisals are ordered through the VA portal.
The appraisal request is sent to the next available appraiser.
There are only a handful of VA certified appraisers in Middle TN so they can get backed up.
In TN, the appraiser has 7 business days to return the report.
If the appraiser needs more time, he can go into the VA portal and request more time.
The appraiser request access via the listing agent.(Typically)
Be sure to return calls promptly and schedule the inspection ASAP.
The appraiser uploads the appraisal into the VA system.
The appraisal goes to the Staff Appraisal Reviewer (SAR) for approval.
Here they are looking to make sure the appraisal is properly documented per the VA guidelines.
Minimum Property Requirements (MPRs)
The SAR has 2 days to release the appraisal to the client and loan team. The SAR also issues a Notice of Value (NOV) at this time and it is recorded in the VA portal.
Client and lender is issued a copy of the evaluation

Understanding the VA certified appraisers

  • #1 thing… the VA is a HUGE account for an appraiser! They don’t want to screw it up.
  • The most competent in the business
  • Additional CE required
  • Additional oversight / accountability
  • All appraisals reviewed by SAR