New VA Appraisal Review Tool
On June 12, 2015, The Department of Veteran’s Affairs (VA) provided LoanSafe Appraisal Manager (LSAM), a new automated appraisal review tool, to all VA lenders. The VA expects the tool to help lenders quickly assess appraisal risk for VA policy compliance violations, over/under-valuations, and appraisal quality issues. LSAM does not provide an estimate of value or make decisions for the lenders. In addition, LSAM does not accept or reject appraisals or characterize them as good or bad.
LSAM computer-based training will be provided for all lenders and quick reference guides are made available on Corelogic’s website.