Circular 26-20-13: Valuation Practices during COVID-19 (Updated)

Veterans Benefits Administration sent this bulletin at 04/13/2020 12:02 PM EDT

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Greetings,

The purpose of this communication is to announce that Circular 26-20-13 has been published.

Circular 26-20-13: Valuation Practices during COVID-19 (Updated)

Purpose. On March 13, 2020, the President of the United States declared a National Emergency due to Coronavirus Disease 2019 (COVID-19). Loan Guaranty (LGY) is committed to protecting Veterans, appraisers and industry stakeholders while continuing to execute our mission of delivering VA home loan benefits. The potential risks associated with the COVID-19 provides unique challenges in the appraisal process as VA fee panel appraisers may be required to access the interior of homes. The Centers for Disease Control and Prevention (CDC) has encouraged social distancing between individuals to limit community spreading of COVID-19.

Due to the rapidly changing environment caused by COVID-19 to the mortgage lending industry as well as feedback received, Circular 26-20-11, Valuation Practices during COVID-19, is rescinded effective the date of this new Circular. The new Circular provides updated guidance and instructions for valuation and appraising for all VA home loan purposes.

This Circular has been posted to the following URL: https://www.benefits.va.gov/HOMELOANS/resources_circulars.asp

Sincerely,

Loan Guaranty Service

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