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U.S. Department of Veterans Affairs Issues Circulars

The U.S. Department of Veterans Affairs (VA) has issued a number of Circulars from September 25 through October 9, 2014, covering the following topics: (1) credit policy updates; (2) policy changes affecting value adjustments to the VA Notice of Value (NOV) by Lender's Staff Appraisal Reviewers (SARs) and the requirement for interior photographs of subject properties; (3) reduction in the validity period on VA Notices of Value for proposed construction; (4) agreement of sale/sales contract to be provided to the fee appraiser; (5) requirement for the transfer of properties to the VA; (6) centralization of application processing and training for the Lender Appraisal Processing Program (LAPP) and Servicer Appraisal Processing Program (SAPP); and (7) Uniform Appraisal Dataset (UAD).  For more details regarding each topic, please refer to the applicable Circular located on the VA’s Circular page.

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