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C&V cirulars

All construction and valuation

QuestionAnswer
Circular 26-11-14 was issued on what date? September 26, 2011
On what date was circular 26-11-14 effective? January 1, 1012
What was the stated purpose of Circular 26-11-14? Announce the adoption of UAD compliance appraisal reports for VA LGY program purposes.
Circular 26-11-14 states "The UAD will apply to the following most commonly used residential appraisal report forms (Fanni Mae/Freddi Mac form numbers) which are also approved for VA appraisal use......list the forms 1) Uniform Residential Appraisal Report- 1004/70. 2) Individual Condominium Unit Appraisal Report- 1073/465. 3) Exterior-only Inspection Individual Condominium Appraisal Report- 1075/466. 4) Exterior-only inspection Residential Appraisal Report-2055.
Does Circular 26-11-14 announce any actual changes? YES
How many actual changes does circular 26-11-14 announce 3
List the first of 3 actual changes to standing policy announced by Circular 26-11-14 1) Lender/client field: NO LONGER reflects only "The Department of Veterans Affairs" BUT RATHER is to reflect lender's name as well as the "Department of Veterans Affairs"
List the second of 3 actual changes to standing policy announced by Circular 26-11-14 2) Intended user field: NO LONGER "any VA approved lender" BUT RATHER The address of the lender
List the third of 3 actual changes to standing policy announced by Circular 26-11-14 3) Borrower field: NO LONGER "Any qualified Veteran" BUT RATHER The name of the Veteran purchaser
A new review appraiser asks you the following question: "Where can i find the written guidance regarding no longer entering "Any qualified Veteran" on an appraisal?" what do you say? Circular 26-11-14
Created by: CnV