VA Appraisal Turn-time and Mondays

VA Home Loan Appraisals – Plan Ahead

VA Appraisal Process

VA Appraisal Process

A VA home loan is one of the best mortgage products available.  The VA appraisal process however is not the most efficient or convenient.  In fact, utilizing a VA mortgage requires careful planning and scheduling to ensure an on time closing.  The one leading that charge should be your VA loan officer.  There are some unique and quirky rules that apply to VA appraisals that if overlooked can cause costly delays.

There are several factors involved with a VA appraisal that are quite different from the Conventional, FHA or USDA home loan appraisal process.  From appraiser assignment to the “tidewater initiative” to allotted turntimes to only assigning appraisals on Mondays the VA appraisal process is in a class by itself.

VA Appraisals – A Case of the Mondays

Unlike most other appraisal types, the VA maintains the control of appraiser assignment.  The originating lender of a VA home loan does not manage VA appraiser assignment.  Compounding the fact that VA withholds the power of appraiser assignment for themselves, they only assign a VA appraiser on either the day the initial order is submitted by the originating lender OR the following Monday.

For example, if a VA appraisal is ordered by Mortgage Company A on Wednesday the VA will try to assign a VA appraiser that same Wednesday.  If for any reason the VA is unsuccessful in assigning an appraiser that day they will not typically attempt to assign an appraiser until the next following Monday.

How Long VA Appraisals Take

VA appraisers have 7 business days to complete an appraisal.  That time-frame starts on the day the VA appraiser receives the appraisal assignment from VA.  Any delays in getting an appraiser assigned on the initial order date can add costly days to the already lengthy 7 business day turn time A already has in place.

Your Arizona VA mortgage lending team should help educate everyone involved up front to avoid time/delivery delays related to the VA appraisal.

By Jeremy House

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Jeremy is the Founder of The HOUSE Team and a Sr. Loan Officer/Branch Manager with PrimeLending. Over the past several years he has ranked in the top 1% of all loan officers nationwide and one of the top 200 loan officers in America. In the mortgage industry, the devil is in the details. Jeremy prides himself on being a student and an expert when it comes to everything mortgage related.

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