The Department of Veterans’ Affairs announced last week that it would allow desktop and exterior-only appraisals for some transactions.

The changes took effect July 27. In a department memo, the VA explained that the move was a response to “high demand for appraisal services and limited availability of appraisers in certain local market areas.”

But the VA said that its “willingness to accept” alternative appraisals was not a substitute for an appraisers’ assessment of the appropriate scope of work, and whether a desktop or exterior-only appraisal could result in a “credible report.”

Lenders had better be sure that an alternative appraisal is appropriate when details ⇒

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