On March 29, 2022, the Department of Veterans Affairs (“VA”) published Circular 26-22-04 to announce that VA Form 26-1805, Request for Determination of Reasonable Value, has been revised. Circular 26-22-04 states that the change was made as part of an effort to enhance automation for appraisers and increase transparency around appraisals. Additional fields have been added to the form to provide more points of contact, along with more detailed information regarding the appraisal assignment and property type.
The top of the form now provides the “Equal Opportunity in Housing” notice which was previously towards the bottom form. Following the notice, the remainder of the form is now organized into the following separate sections:
Section 1: Property Address and Description (including property type)
Section 2: Loan Type and Information (which contains lines for builder information related to new or proposed construction)
Section 3: Special Instructions and Additional Information (includes boxes to indicate presence of house alarm, pets, gated community, energy efficiency and if Veteran/Seller works nights)
Section 4: Point(s) of Contact Information -for property access or notification purposes (adds fields for contact information including names, phone and email for lender, Veteran, buyer agent, seller agent, builder)
Section 5: Requester Information (contact information, business address, sponsor type and sponsor ID)
Section 6: Veteran/ Borrower Information
Section 7: Certification for Submission to VA and Appraiser Information.
The revised form may be used immediately. Accordingly, DocMagic will provide the updated version of the Request for Determination of Reasonable Value (Form ID: 261805.VA) beginning on April 7, 2022.
If you have any additional questions regarding this article, please contact DocMagic’s Compliance Department.
