Application for Lender Appraisal Processing (LAPP)
Application Procedure
To receive LAPP authority, the lender must submit
the processing fee and all of the identifying
information, statements and certifications shown in
Exhibit 1, of Chapter 15 of the Lenders
Handbook. It must be submitted to the VA regional
office with jurisdiction where the lender's SAR is
located.
Lender Eligibility
Only supervised lenders and non supervised lenders
who have been approved for the automatic authority
by Central Office (262a) are eligible to apply for
LAPP participation.
Lender Staff Appraisal Reviewers Qualification
Requirements
To be eligible to participate in LAPP, the lender's
staff appraisal reviewer must be a full-time
employee of the lender and must have at least 3
years of experience of a type which qualifies
him/her to competently perform administrative
appraisal reviews in conjunction with underwriting
loans for VA loan guaranty purposes.
Applicants with at least 3 years of experience
related to the Department of Housing and Urban
Development (HUD) Direct Endorsement program are
considered qualified for LAPP participation,
provided all other application requirements are
satisfied.
Location
There is no restriction on the location of a
lender's SAR
Processing Fee
Lenders requesting LAPP authority are required to
pay a one-time processing fee of $100 for each staff
appraisal reviewer (SAR). This fee is to be
submitted with the
application. The fee is non refundable, even if
the SAR is found to be unacceptable.
Lender Quality Control System
To participate in LAPP, the lender must have an
effective quality control (QC) or comparable system
to ensure the adequacy and quality of its staff
appraisal reviews. This QC must be independent of
the lender's loan production operation.