VA Lenders Handbook (VA Pamphlet 26-7), Chapter 10, Topic 23 — Repair Inspections

VA Lenders Handbook (VA Pamphlet 26-7), Chapter 10, Topic 23 — Repair Inspections

23. Repair Inspections Change Date March 11, 2019 • This chapter has been revised in its entirety. a. Repair Inspections When required on the NOV, repair inspections are completed by appraisers assigned by VA for: • repairs/alterations/improvements on existing properties, • customer preference items on new construction properties, and • post-construction inspections on properties appraised as proposed construction to confirm that construction was completed in accordance with the certified construction exhibits upon which the appraised value was based (see Chapter 10, Topic 17 of this Handbook). b. Lender Certification Encouraged When issuing NOVs for existing or new construction properties, SARs are encouraged to condition the NOV for a lender certification of repairs, especially repairs performed by licensed personnel, instead of an appraiser certification. Repair certifications which may involve lead-based paint must be completed by the fee appraiser. c. Notification to an Appraiser When repairs have been completed and are ready for inspection, lenders must notify the appraiser and provide a copy of the NOV as the requirements on the NOV may differ from the recommendations listed on the appraisal (see Chapter 13, Topic 3 of this Handbook). d. Contact RLC for Another Appraiser if Needed When a repair inspection is needed and the VA-assigned appraiser is not available, the lender should notify the RLC of jurisdiction to have another appraiser assigned. Continued on next page VA Pamphlet 26-7, Revised Chapter 10: Appraisal Process 10-35 23. Repair Inspections, continued e. Inspection Report Form Appraisers may place the repair inspection report on: • Fannie Mae Form 1004D – Freddie Mac Form 442, Part B (Part A is not acceptable for VA use), or • the appraiser’s letterhead. f. Inspection Report Requirements The repair inspection report must: • list the items on the NOV, • certify that quality materials were used, • certify that the items were completed in a satisfactory manner, • identify any non-compliant items, • include photos of all items, • be signed by the appraiser, and • uploaded into WebLGY. VA Pamphlet 26-7, Revised Chapter 10: Appraisal Process 10-36

Source: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 10, Topic 23 — Repair Inspections · source URL · snapshot 454f0e7af6f49c3b