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C&V cirulars
All construction and valuation
Question | Answer |
---|---|
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 |