Lender Appraisal Processing Program
Posted on September 1, 2008
Filed Under Mortgage Lender, Mortgage Loans, Mortgage Refinancing |
Do You Know What The Lender Appraisal Processing Program (LAPP) Offers
The Veterans Administration has provided the means for many veterans to obtain faster processing times for loans. Yet, if the difference between traditional loan and VA loan processing was not wide enough, the creation of an even swifter appraisal process to approve veterans for a home loan. This new system is called the Lender Appraisal Processing Program (LAPP). If a lender meets the standards of approval for LAPP, they can become authorized to accept appraisals in a carte blanche capacity and issue loans in a far shorter period.
Again, the lender must meet the specific requirements of the LAPP. One of these is to be approved by the Central Office. When the VA approves the lender, a VA-assigned appraiser called Staff Appraisal Reviewers (SARS) is permitted to close the loan and expedite the loan processing duration by a significant amount of time. SARS may be utilized in their appraisal capacity for a variety of property types and borrower situations
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