VA Lenders Handbook (VA Pamphlet 26-7), Chapter 10, Topic 5 — Canceling Appraisal Requests
VA Lenders Handbook (VA Pamphlet 26-7), Chapter 10, Topic 5 — Canceling Appraisal Requests.
Verbatim regulatory text
Verbatim provisions from VA Lenders Handbook (VA Pamphlet 26-7), Chapter 10, Topic 5 — Canceling Appraisal Requests — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
VA Pamphlet 26-7, Chapter 10 (Appraisal Process), Topic 5 — Canceling Appraisal Requests
• This chapter has been revised in its entirety. a. Cancelation Before the Appraisal is Completed An appraisal request may be canceled before the appraisal is completed for a valid reason, for example, if the lender finds that the borrower will not qualify for the loan. The following steps must be followed to cancel an appraisal: • Immediately notify the appraiser of the cancellation. The appraiser may charge a fee for any work performed prior to this notification which is chargeable to the Veteran. • E-mail a request to the RLC to cancel the appraisal in WebLGY. The request should include the VA case number, the property address, the reason for the cancellation and confirmation that the appraisal fee, if charged for any work performed, will be paid. b. Cancelation After the Appraisal is Completed A case may be canceled after the appraisal has been completed, but before the NOV is issued for a valid reason, for example, if the sale falls through, by following the same steps. In this situation, the lender is not required to issue the NOV and upon cancellation, the case will be removed from the lender’s list of appraisals pending review in WebLGY. c. No Cancelations After the NOV is Issued An appraisal request may not be cancelled after the NOV has been issued.
Operationalizing VA Lenders Handbook (VA Pamphlet 26-7), Chapter 10, Topic 5 — Canceling Appraisal Requests
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Source of record: https://claudeforcompliance.com/regs/va-m26-7-ch10-t05/
· register va-m26-7-ch10-t05 · Claude for Compliance. Free to read and download;
see regulatory updates and methodology.