On July 22, 2019 the VA updated Chapter 13 of their “Lender’s Handbook” with the following relevant delivery requirements for the “Notice of Value”, which is required to be sent by the lender to the borrower after an appraiser has submitted the appraisal report through WebLGY:
“Once the SAR [Staff Appraisal Reviewer] has determined the appraisal report is acceptable to VA, the SAR must issue the NOV in WebLGY at the appraised value . . .” (VA Lender’s Handbook, ch. 13 3-h)
“The SAR is not required to sign the NOV in ink since the SAR’s name and VA-issued ID number are automatically included on the NOV. This constitutes an electronic signature since SARs log into WebLGY with a unique user name and password.” (Ibid. 3-i)
“. . . If WebLGY is not available, the SAR may issue the NOV outside of WebLGY, entering the NOV in WebLGY when the system is back online. A note should be entered documenting that this procedure was followed.” (Ibid. 4-h)
These requirements are similar to those of the previous, 2003-version of Chapter 3, which permitted the lender to submit the NOV to the borrower through either TAS (the predecessor to WebLGY) or separately on the lender’s letterhead. Like the previous version, the current version of Chapter 3 provides a template for the NOV as an attachment.
Historically, we have not provided this document, as clients have never demanded it – presumably because they provide the NOV through WebLGY. However, in order to make this form accessible for any clients who wish to use it during times when WebLGY is unavailable, we are creating a new, “upon request” copy of the NOV form found in Chapter 13. Clients must have this document (Cx23330) configured to print for them (and modify the document to include their own letterhead); once assigned, it will print by default under the following conditions:
- Base Type = VA
- Document Package Type = Appraisal
Cx23330 “Lender’s Notice of Value” is now available for assignment. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
DR 296602